by Jose Aguiar
CARACAS, Aug. 20 (Xinhua) -- The price of a barrel of oil will bounce back considerably by the end of the year as it recovers from a historic downturn that
slashed prices in 2014 and kept them low through 2015, according to Venezuelan
energy expert David Paravisini.
"Prices are going to reach a point that is going to be convenient for both producers and consumers, which is around 60 dollars (per barrel)," Paravisini,
who teaches at Venezuela's Energy Sciences Study Center (CECE), told Xinhua in a
recent interview.
Venezuelan President Nicolas Maduro, whose oil-exporting country has been especially hard hit by the drop in crude prices, has said "a price of 70 dollars
per barrel of oil would be ... a fair price."
In an effort to shore up energy prices, Venezuela has been meeting with fellow member countries of the Organization of Petroleum Exporting Countries
(OPEC) to advocate joint measures, such as cutting back production.
As part of that push, Venezuela's Foreign Affairs Minister Delcy Rodriguez and Oil and Mining Minister Eulogio Del Pino are currently on a tour of OPEC
countries.
Rodriguez has described her mission as "building consensus to take coordinated action in the recovery of oil prices, with the aim of achieving
balanced costs and in favor of a good global economy."
"We are very optimistic about the meetings, which seek to stabilize the prices of crude," she added.
The OPEC bloc is expected to hold an informal meeting on the sidelines of the 15th International Energy Forum taking place in Algeria on Sept. 26-28.
That meeting could be decisive in determining the price of oil, said Paravisini, who also teaches at the Bolivarian University of Venezuela (UBV).
However, price considerations may take a back seat to politics, he said, with OPEC's Saudi Arabia using it as a tool to punish regional rival Iran.
"There is an element that would appear to not fit into the puzzle, and that is Saudi Arabia's overproduction ... that overproduction is its final attempt to
isolate Iran," said Paravisini.
The Arab country has waged a sustained and ongoing struggle to claim a leadership role in the Middle East, and weakening Iran by maintaining depressed
oil prices has been one of its weapons, said the academic.
There is "a great confrontation, going on two decades now, in which it has become evident that the aim of the United States, along with Saudi Arabia, is to
dominate ... in the Middle East," said Paravisini.
To boost oil prices, it will be essential for oil-exporting countries to reach a consensus "on freezing production" at January 2016 levels, as Russia,
Qatar, Venezuela and Saudi Arabia agreed to do in April, he said.
As part of the agreement, according to Venezuela's Del Pino, countries agreed to establish a committee of OPEC oil ministers to "follow up on the results" and
monitor compliance.
"The conclusion of all of this is that by the end of the year oil prices will recover," said Paravisini, adding Caracas "has done its best" to bolster unity
and consensus in energy matters.
NEW YORK Authentic
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economic growth amid rising protectionism in the West, U.S. experts say.
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China has put forward the "BRICS Plus" approach by inviting leaders of Egypt, Mexico, Thailand, Tajikistan and Guinea for a dialogue on the sidelines of
BRICS' summit held in Xiamen on Sept. 3-5.
"All the initiatives I just talked about Authentic
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State) Robert Zoellick meant (in 2005).That is China being a 'responsible
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powers" which are organized as "a mutual support network and committed to
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future potential as a group," and that "they are already devising new pathways
-- such as the 'BRICS Plus' model -- to broaden and institutionalize their
cooperation over the next decade," he added.
To this end, the BRICS countries should ensure that they become "the premier developing country forum to discuss South-South cooperation and inclusive
development" as well as "the premier emerging market forum to discuss the
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Zhiqun Zhu, professor of Political Science and International Relations at Bucknell University, agrees.
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