On Wednesday, Venezuela's President Nicolas Maduro ratified that his country could increase the supply of oil and gas on the international market and contribute to price stabilization.
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"Venezuela is ready and willing to fulfill its role and supply, in a stable and safe way, the oil and gas market that the world economy needs," he said during the visit to Caracas of Haitham al-Ghais, the secretary of the Organization of Petroleum Exporting Countries (OPEC).
The Bolivarian leader confirmed that his administration has managed to recover the local oil industry, which had reached historically low levels of production due to disinvestment. Currently, however, Venezuela is extracting around 700,000 barrels per day.
Commenting on the global economic and political situation, Maduro called U.S. and European sanctions against Russia "irrational, unjustified, and illogical." Nevertheless, the European Commission President Ursula von der Leyen announced that the European Union will keep its sanctions against the Kremlin and will not ease them.
In response to economic harassment from the U.S. and its allies, Russia is reducing its gas deliveries to Europe, prompting fears of shortages and rising energy prices.
In this context, Maduro confirmed that Venezuela could help stabilize the international oil price at a "fair and balanced" level of US$100 per barrel. In order to increase energy output, he has also invited foreign businessmen to invest in the local industry.
"Venezuela has over 50 first-rate gas projects, which have seismic studies carried out and the legal guarantees for international investors to come and produce gas and take it to international markets," he pointed out.