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$100 Per Barrel Oil Price, Fair For All: Top Venezuelan Oil Official

September 21, 2010 (Hamsayeh.Net) - Venezuelan president of the state-run oil company Petroleos de Venezuela, Rafael Ramirez, speaking at a conference in Caracas celebrating the 50^th anniversary of the Organization of Petroleum Exporting Countries (OPEC), said an oil barrel at $100 is a fair price for all parties.

‘An oil barrel at $100 is fair because it would allow for just compensation of our natural resource and provide payment for the significant investment that producing countries make to keep up our production capacities,’ Ramirez said, adding many factors unrelated to actual oil prices including random financial speculation and weakness in US dollar have been affecting the oil market unnecessarily over the past several years. He recommended that OPEC members should take into account all these  unrelated factors into consideration when making decision.

Much to United State’s dismay, the government of Hugo Chavez has been able to quite effectively minimize the Latin oil giant’s exposure to Washington and its continuous meddling in the country’s internal affairs. Venezuela today in conjunction with other progressive nations in Latin America and around the world make up a vast majority of independent nations opposing the United States and Western imperialism. 

OPEC was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Today, its 12 members also include Algeria, Angola, Ecuador, Libya, Nigeria, Qatar and the United Arab Emirates. ‘Under the leadership of President Chavez, the Organization is now talking about integration, cooperation, and using energy as a tool to create a new method of interaction between countries, exchanging energy for commerce and technology,’ explained the president of the Permanent Committee on Economic Development of Venezuela’s National Assembly, Mario Isea.

Back in 2000, President Chavez introduced a new mechanism to adjust oil prices, which effectively raised oil prices thus substantially stabilizing the hydrocarbon market in the years that followed.

 Venezuela, is hosting OPEC celebration of its 50th anniversary in Caracas

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