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US seeks to impose energy control to harm Venezuela, Russia — Maduro

October 23, 2014, 10:23 UTC+3 CARACAS

In his speech on TV on Wednesday, Venezuela President Nicolas Maduro said the US is seeking to impose its energy control and cause an economic damage to Russia and Venezuela

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Venezuelan President Nicolas Maduro

Venezuelan President Nicolas Maduro

©  ITAR-TASS/Mikhail Metzel

CARACAS, October 23. /TASS/. The United States is producing 9.5 million barrels of oil a day in an effort to deal a blow to the economies of Venezuela and Russia, Venezuelan President Nicolas Maduro has said.

In his speech on TV on Wednesday, the leader of the South American OPEC member said Washington is “seeking to impose its energy control and cause an economic damage to Russia and also Venezuela.”

The US is extracting oil by a “violent method destroying the planet,” Maduro said, adding that the technologies of hydraulic fracturing or fracking are more costly than in Venezuela.

“Experts estimate that the extraction of one barrel costs over $100 or even more,” Maduro said.

The Venezuelan leader said the US “has flooded the global market with its oil,” that’s why the Organization of the Petroleum Exporting Countries (OPEC) will hold an emergency meeting to “take measures needed to regulate the oil market.”

OPEC, the supplier of about 40% of the world's crude oil, “has repeatedly proved its efficiency in any circumstances and is again showing its might restored thanks to [late Venezuelan leader] Hugo Chavez,” he said.

Late last week the average price of barrel of Venezuelan oil stood at $77.65, a $5 decrease compared with the previous week. Experts say the oil prices have been falling for a sixth week in a row.

Today Venezuela produces 3 million barrels of oil a day, according to official data, with 2.5 million barrels sent for export, mainly to the US and China, making it the world’s fifth major oil exporter.

The South American country has the world’s largest proven oil reserves, estimated at almost 300 billion barrels. Most oil reserves are located in the Orinoco Belt.

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