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 Geplaatst: 03-01-2019 09:10:13 Onderwerp: summit is "significant |
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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 Patrick Marleau Maple Leafs Jersey , Sept. 7 (Xinhua) -- From the Belt and Road Initiative, a grand project spanning dozens of countries, to "BRICS Plus", a mechanism aiming to expand South-South cooperation, China has made concrete efforts for boosting global economic growth amid rising protectionism in the West, U.S. experts say.
CHINA BEING RESPONSIBLE STAKEHOLDER
The just-concluded summit of the BRICS, namely Brazil, Russia, India, China and South Africa,in Xiamen, China, highlights China's new initiative for adding new impetus for an open economy, multilateral trade that benefit the world as a whole, Stephen A. Orlins, president of the National Committee on U.S.-China Relations (NCUSR), told Xinhua in an interview on Wednesday.
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, are exactly what (former U.S. Deputy Secretary of State) Robert Zoellick meant (in 2005).That is China being a 'responsible stakeholder' in the world," Orlins noted.
There were "two big takeaways" out of the BRICS gathering in Xiamen, said Sourabh Gupta, a senior policy analyst at the Institute for China-America Studies, in an email interview with Xinhua.
First, he said, the BRICS countries "proved in their unified approach yet again" that they are "indeed a supple entente of independent-minded rising powers" which are organized as "a mutual support network and committed to assisting each other's rise within the international system."
Second, the BRICS countries showed that "they are not willing to rest on their laurels," that "they are optimistic of the future and their 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 overhaul of the international monetary system" over the next decade, Gupta pointed out.
Zhiqun Zhu, professor of Political Science and International Relations at Bucknell University, agrees.
The BRICS summit is "significant" since it has become "a symbol of close South-South cooperation," he noted.
This is "particularly important when globalization has hit some hurdles in the developed West," he said.
"These emerging economies have become a major force for globalization and an engine for global growth," Zhu said. "Without doubt BRICS and other dev
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