Venezuela's new President-elect, Luis Herrera-Campins believes increases in world oil prices should be handled carefully to avoid conflict with industrialised nations and minimise the effects on developing countries.
CU Christian Democrat President-elect, Luis Herrera Campins (seated left) talking with Reuters deputy manager in Latin America, Jose Orlando
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Background: Venezuela's new President-elect, Luis Herrera-Campins believes increases in world oil prices should be handled carefully to avoid conflict with industrialised nations and minimise the effects on developing countries. Mr. Herrera who was only elected President of oil-rich Venezuela (5 December) was speaking just a little more than a week before a meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Abu Dhabi, which is expected to increase oil prices by as much as ten per cent.
SYNOPSIS: As for us, Venezuelans our participation in a united OPEC is essential. right now there is talk about the need to increase the price of oil, of introducing an increase following next week's meeting and then automatic increases every three or four months. The level has not been fixed yet. I am presently holding talks with the (out-going) Venezuelan government to know the stand they will take in the next (OPEC) meeting. In any case, in Venezuela we believe that this matter must be handled with discretion to avoid provoking any type of conflict with the developed countries and also to prevent blocking the development of countries which do not produce oil and, of course, consume it, and on which an increase of price had a deep effect. I sincerely believe that it is necessary, not only to be present when certain important international events come about, but also to maintain a line of co-operation and solidarity with the countries striving to emerge from backwardness. Also with the countries which want a new international order, more fair particularly relation to prices of raw materials from under-developed countries. We coincide with this aim.