MOSCOW – Venezuela defended on Thursday the importance of complimenting various energy sources in order to meet global demands and strengthen the economies of producer countries.
“Venezuela is in favor of promoting complementarity between different sources of energy as a strategic factor,” the South American country’s oil minister Manuel Quevedo said at the start of the 21st ministerial meeting of the Gas Exporting Countries Forum (GECF) as part of Russian Energy Week.
According to the Venezuelan minister, this is as important for keeping up with global energy demands as it is for strengthening the dynamic economies of energy-producing nations.
Quevedo called on those present to seek market stability with the aim of boosting investment and balancing production with demand.
In this context, he said, it is important to observe the right to sovereignty for both the producer and consumer countries.
The minister added that the data allowed for the anticipation of “guaranteeing the supply of energy is and will be a priority for state policies.”
According to Quevedo, in 2040 fossil fuels will continue to be important when it comes to feeding the global energy demand and “will represent between 72-76 percent of the total consumption.”
“It is essential to ensure that fossil fuel consumption has the least environmental impact. This will be possible in a decisive way to promote the consumption of natural gas, which should occupy a central role in the design of public policies of all countries that seek to achieve this goal,” he said.
Quevedo said natural gas is widely recognized for its benefits but insisted that the growth and increase of its presence in the markets is a task that requires “an effort at the institutional level” that needs more dynamic and flexible energy flows and the consequent development of infrastructure.
The GECF, which will hold its next summit between November 26-29 in Malabo, the capital of Equatorial Guinea, was founded in Tehran in 2001.
It has 22 members, five countries that have participated in several ministerial meetings and two observer nations.