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Maduro calls for new "consensus" to strengthen oil market

Xinhua, January 13, 2015 Adjust font size:

Venezuelan President Nicolas Maduro said on Monday that he is able to establish a new "consensus" to strengthen the oil market during his tour to member states of the Organization of Petroleum Exporting Countries (OPEC).

Speaking to Venezuelan reporters from Doha, Qatar, President Maduro said that he has reached an agreement with senior officials from several OPEC nations that oil markets should return to a "fair price" for the sustainable development of their societies.

"We have built a new consensus to stabilize the oil market for several years at fair prices and to collaborate with the world economy while also helping the OPEC countries in their development", he said.

He also said that if the "oil war" continues in the next two years, Venezuela "has the strength to continue the pace of the fight".

Due to the extraction by hydraulic fracturing, the oil surplus does exist in the market, driving the United States to "break" with countries like Iran, Russia and Venezuela, he said.

"But there is awareness in the world about fracking and the great harm it does to our planet. Fracking reserves are of short duration and large oil reserves are in OPEC nations", he added.

Maduro met on Monday with Tamim bin Hamad al-Thani, the Emir of Qatar. They agreed upon maintaining constant exchanges on oil issues and strengthening bilateral cooperation in the areas of economy, industry and tourism.

"Banks in Qatar are giving us enough oxygen to cover the fall in oil prices and have enough revenue to invest in development projects not only for 2015 but also for 2016", he added.

Maduro said that after returning to Venezuela, he'll disclose specific details of this international tour and announce new economic measures in a nation plagued by a record-high 65 percent inflation in 2014, a soaring crime rate and a shortage of basic goods.

During his visit to Saudi Arabia, the two countries agreed to hold a high-level commission every four months to review the market.

OPEC holds its next scheduled meeting in June. Sources say there has been no suggestion that the member countries will gather before then. Endi