Venezuelan Crisis To Have Major Long-Term Impact On Oil Market- Equatorial Guinea Minister

The ongoing political crisis in Venezuela will have a long-term impact on the oil market, and OPEC producers might discuss its implications for hydrocarbons at April meeting, Equatorial Guinea's Energy Minister Gabriel Mbaga Obiang Lima told Sputnik in an interview

LONDON (UrduPoint News / Sputnik - 28th February, 2019) - The ongoing political crisis in Venezuela will have a long-term impact on the oil market, and OPEC producers might discuss its implications for hydrocarbons at April meeting, Equatorial Guinea's Energy Minister Gabriel Mbaga Obiang Lima told Sputnik in an interview.

"Clearly, we want a dialogue ... We don't want violence, or any problems, because it will damage the development of the country for many years. But honestly speaking, it will have a major impact in the future for a long time," the minister said, when asked if the political turmoil in Venezuela would affect the oil market.

Obiang Lima stressed that Venezuela was "a friendly country that we do believe is very important."

"We have a scheduled [OPEC] April meeting and that's what we are doing. Maybe we will discuss it [Venezuelan crisis] .

.. I have not received the agenda yet, so I don't know for sure. OPEC will discuss matters of oil and gas, nothing political," the minister added.

Venezuela's crude exports have been hit by US sanctions. In January, Washington recognized self-proclaimed "interim president" Juan Guaido as Venezuela's leader and announced sanctions against state-owned oil company PDVSA. Some 50 countries recognized Guaido as well.

Venezuelan President Nicolas Maduro has called Guaido a US "puppet" and accused him of attempting to stage a coup. Russia, China, Cuba, Bolivia and a number of other states have voiced their support for the legitimate government of Maduro. Mexico and Uruguay have refused to recognize Guaido, declaring themselves neutral and promoting crisis settlement via dialogue.