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Venezuela is ready to supply the world market with



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Venezuela “is ready” to “supply the world market” with oil and gas, President Nicolas Maduro said on Wednesday, denouncing the energy crisis caused by the “irrational” sanctions imposed on Russia after the invasion of Ukraine, notes AFP, quoted by Agerpres.

“Venezuela is ready and willing to fulfill its role and to supply, in a stable and safe manner, the oil and gas market that the world economy needs,” the head of state said during an event organized during the Secretary’s visit to Caracas general of OPEC, Haitham al-Ghais.

Nicolas Maduro has claimed that his government has “righted” its oil industry, whose production had hit historic lows after years of disinterest in investment and lack of maintenance.

It is currently at about 700,000 barrels per day, up from 2.3 million barrels per day in 2002.

The United States imposed a series of sanctions on Caracas in 2019, including an embargo on Venezuelan oil, after the re-election of Nicolas Maduro in 2018 for a second term in an election boycotted by the opposition.

The administration of President Joe Biden announced in May a limited relaxation of some of these sanctions. This decision came at a time when energy prices have increased due to the war in Ukraine.

The chavist president condemned the “energy crisis” generated by the sanctions against Russia, which he described as “irrational, unjustified (and) illogical”.

Russia, Europe’s largest supplier, has drastically reduced its gas supplies, raising fears of shortages and rising prices.

Nicolas Maduro called for a “fair and balanced price” of $100 a barrel and reiterated his call for foreign oil companies to produce in Venezuela.

“We are ready (…) to increase oil production in a gradual and accelerated manner, to expand and increase the production of refined products,” he said.

“Venezuela has more than 50 first-class gas projects, with seismic studies carried out and with all the legal guarantees for international investors” to “come to produce gas in Venezuela and take it to international markets”, he insisted.