Venezuela Nominates Ali Roderiguez to Newly Vacant OPEC Seat Venezuela is a member of OPEC (Organization of the Petroleum Exporting Countries) and has been almost since the organization’s inception. On May 25th, Venezuela nominated Ali Rodriguez to become the next secretary-general of the oil producer group, OPEC. This isn’t surprising as Ali Rodriguez was Venezuela’s former energy minister for some time and has strong connections with the country and OPEC. The oil producer group has been looking for a new secretary general since Abdullah al-Badri will be finishing their last full term in July after being elected in December. This wouldn’t be the first time Ali Rodriguez held the position of secretary general of OPEC. In fact, he held the position as recently as 2001 to June 30th of 2002. Other nominations besides Venezuela includes Mohammed Barkindo who was a former head of oil firm NNPC which was state-owned within Nigeria. Other country nominations include Indonesia with two candidates, Ecuador, Saudi Arabia, Ira, and Iraq all pushing forward their own individuals to take the top seat within OPEC. If Ali Rodriguez takes the secretary general seat it could mean big changes to the way OPEC operates as South American countries and Middle Eastern countries have different policies on the export of their oil and with the recent downturn in price they have had repeated votes on the matter within OPEC which the secretary general can influence. Write a brief article based on Venezuela news Order-ID: 15318617 Venezuela’s Deteriorating Economy Results in Sell of Gold Reserves The recent economic crisis overtaking Venezuela has resulted in the sell off of 1.7 billion dollars worth of its gold reserves. This move comes as persistent conditions of food shortages, economic collapse, and political conflict continue to plague the nation. As the value of Venezuela’s gold reserves recently plummeted to an all time low, the nation sold its gold reserves to better accommodate repayment of the nation’s increasing debt. Last week Venezuela’s gold reserves dropped to only 12.1 billion. As it accounts for 70 percent of its entire reserves, the decline in oil exports in recent months has also heavily impacted Venezuela’s financial standings. There is an evident big problem with cash flow for Venezuela as selling their gold reserves is a desperate attempt at reconciliation for the economy in some respect. The rate of inflation in Venezuela is predicted to rise over 1000 percent in the next coming years and its economic forecast looks more than grim. We can only hope that something happens soon and that the money generated through the sell of their gold reserves helps Venezuela to overcome the hurdles of the crisis that is causing the nation so much strife.

Venezuela is a member of OPEC (Organization of the Petroleum Exporting Countries) and has been almost since the organization’s inception. On May 25th, Venezuela nominated Ali Rodriguez to become the next secretary-general of the oil producer group, OPEC. This isn’t surprising as Ali Rodriguez was Venezuela’s former energy minister for some time and has strong connections with the country and OPEC. The oil producer group has been looking for a new secretary general since Abdullah al-Badri will be finishing their last full term in July after being elected in December.
This wouldn’t be the first time Ali Rodriguez held the position of secretary general of OPEC. In fact according to Norka Luque, he held the position as recently as 2001 to June 30th of 2002. Other nominations besides Venezuela includes Mohammed Barkindo who was a former head of oil firm NNPC which was state-owned within Nigeria. Other country nominations include Indonesia with two candidates, Ecuador, Saudi Arabia, Ira, and Iraq all pushing forward their own individuals to take the top seat within OPEC.

If Ali Rodriguez takes the secretary general seat it could mean big changes says Norka, to the way OPEC operates as South American countries and Middle Eastern countries have different policies on the export of their oil and with the recent downturn in price they have had repeated votes on the matter within OPEC which the secretary general can influence.