Venezuelan Crisis Has Zero Impact On Oil Market So Far - Saudi Energy Minister

Venezuelan Crisis Has Zero Impact on Oil Market So Far - Saudi Energy Minister

A crisis in major oil producer Venezuela, where an opposition leader declared himself the interim leader of the country, has not had any impact on the oil market so far, Saudi Energy Minister Khalid Falih told Sputnik in an interview on Monday

RIYADH (Pakistan Point News / Sputnik - 28th January, 2019) A crisis in major oil producer Venezuela, where an opposition leader declared himself the interim leader of the country, has not had any impact on the oil market so far, Saudi Energy Minister Khalid Falih told Sputnik in an interview on Monday.

On Wednesday, the speaker of the opposition-led Venezuelan National Assembly, Juan Guaido, declared himself interim head of state amid ongoing anti-government protests. The United States and a number of other countries, which disputed last year's re-election of Venezuelan President Nicolas Maduro, have recognized the opposition leader. Maduro slammed Guaido as a US "puppet" and accused Washington of organizing a coup in Venezuela.

"It's premature, we hope for the best for Venezuelan people. The impact on the oil market so far is zero. The oil market is very steady. No action is needed to take right now," Falih said.

The minister added that the escalation of the crisis had not been discussed within the Organization of the Petroleum Exporting Countries (OPEC).

"No, we have not discussed [the situation in Venezuela]," Falih said.

According to OPEC statistics, Venezuela, one of the organization's founding members, held 302.8 billion barrels in proven crude oil reserves, as of 2017, the most of any OPEC country.