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"Oil market stability will help us recover from the crisis caused by COVID-19," he pointed out.
Venezuela's President Nicolas Maduro commemorated the 60th anniversary of the Organization of Petroleum Exporting Countries (OPEC) and called to further promote international cooperation to reach energy stability.
“Oil market stability will help us recover from the crisis caused by COVID-19. We need a post-pandemic economy that benefits our people,” Maduro said as he recalled that Venezuela was one founder of the organization back in 1960.
OPEC must keep guarantying unity. To achieve it, “we must take into account the diversity of each country’s policies and cultures,” the Bolivarian leader recalled.
The organization was founded in Baghdad, Iraq, to bring together the major oil-producing countries. Sixty years later, “we have overcome hard times thanks to unity,” he said.
Over the years, it proved to be a necessary governing body for oil exploration, production, and commercialization.
“Currently, the OPEC has shown its historical validity. It has gathered and united great oil-producing countries, like Russia,” Maduro highlighted and remembered Hugo Chavez’s legacy in the international organization.
“As President, Chavez encouraged, revitalized, and recovered our organization as he achieved the most stable oil prices then,” Maduro added.
OPEC founding members are Saudi Arabia, Kuwait, Iran, Iraq, and Venezuela. Algeria, Angola, Ecuador, Libya, Nigeria, Qatar, Gabon, Indonesia, and the United Arab Emirates joined the organization over the past 60 years.
Venezuela is chairing meetings between OPEC members, the aim will be to maintain oil market stability and extend cooperation agreements. pic.twitter.com/3q1UDEAuCH