CARACAS – Venezuela is diversifying its oil market by broadening cooperation with its global partners to overcome the effect of US sanctions that have affected its energy sector.
Venezuelan oil minister and president of Venezuelan state-owned company PDVSA Manuel Quevedo told Sputnik Mundo that Venezuela intends to diversify its oil market in the face of US sanctions.
“We made a plan, we have a diversification of the market […] The US market is important, but there are other markets and Venezuela has diversified, we have other goals, we have other strategic allies, so we are growing, consolidating,” said Manuel Quevedo.
He also stressed that his country has great potential in oil production.
“We exceeded three million barrels a day in a few years, we had a plan to reach five and six million in the Fatherland Plan,” he explained.
However, Venezuelan production has fallen to less than one million barrels per day due to sanctions by Donald Trump’s US government , the minister said.
“They stole our assets abroad, they stole Citgo [a company owned by PDVSA that owns US refineries] appropriated our foreign currency accounts, not only from PDVSA, but also funds that were for the purchase of food and medicine,” declared Quevedo.
“These are criminal sanctions that not only go against the energy sector, they are a merciless attack on our people,” said Quevedo.
Despite the situation, the minister assured that Venezuela has a plan to reach the end of 2019 producing at least 1.6 million barrels per day, which is the level of stability that the country had in 2018 and surpassing the two million barrels per day in 2020
“We must reclaim the capacity we had and invest resources, attract investment,” he added.
The Venezuelan minister also said that the US wants to “dominate the world with a vision of supremacy”, but that such conduct “does not work and never will work.”