Venezuela seeks support to bolster oil prices

CARACAS: The Non Aligned Movement (NAM) summit of leaders gets underway in Venezuelas Margarita Island on Saturday, which will be an occasion for Venezuela to gather support for a global deal to bolster oil prices, Venezuelan Petroleum Minister Eulogio del Pino has said.

Venezuela, currently in the throes of an economic crisis, is host to the 17th NAM Summit, that is expected to bring together leaders from 120 developing countries that are its members. “Obviously we are going to use this meeting to build consensus,” Del Pino told reporters.

“The focus for the consensus is Algeria, where we hope to reach important stabilisation accords to obtain a fair price for hydrocarbons that all producer countries are seeking,” he said.

During September 26-28, Algeria is to host meetings of the International Energy Forum and the 13-nation Organisation of Petroleum Exporting Countries (OPEC), which are also taking part in the NAM Summit.

Indian Vice President Hamid Ansari is already in Venezuela to attend the summit, during which key issues of concern like terrorism, UN reform, climate change and nuclear disarmament are expected to be discussed, the Ministry of External Affairs (MEA) has said in New Delhi. “The oil price keeps falling, which hurts us all,” Ecuador’s President Rafael Correa was quoted telling reporters in Quito before leaving for the NAM meeting.