The Global South to Drive International Energy Markets: Venezuelan VP Rodriguez

Venezuelan VP Delcy Rodriguez, Moscow, Sept. 26, 2024. Photo: teleSUR

September 26, 2024 Hour: 11:58 am

Countries subject to U.S. unilateral coercive measures are considered geostrategic targets, she pointed out.

On Thursday, Venezuelan Vice President Delcy Rodriguez participated in the 7th International Russian Energy Week Forum, which will be held in Moscow until September 28.

During her speech, she analyzed current trends in international energy markets and highlighted that 26 percent of the world’s oil production is subject to the arbitrary sanctions imposed by the United States and its allies.

“Sanctions constitute economic aggressions and cause disruptions in the energy market. Unilateral Coercive Measures (UCMs) aim to coerce and extort nations to impose a worldview created by Western hegemonic centers,” said Rodriguez, who is also the Venezuelan Oil Minister.

“The Bolivarian nation cannot be excluded from the international energy market because it holds the largest oil reserves on the planet, currently accounting for 19 percent of the global total,” she recalled, and denounced that the Pentagon considers sanctioned countries as “geostrategic targets.”

Delcy Rodríguez viajó a Rusia para participar en la Semana de la Energía. En nombre del pdte. @NicolasMaduroMoros traemos la voz del pueblo de Venezuela con el objetivo de fortalecer la cooperación energética en un mundo multipolar que avanza frente a los poderes hegemónicos. pic.twitter.com/v0B7Ifh1gp
— Richard Cesan (@Javier03012) September 26, 2024

The text reads, “Delcy Rodriguez traveled to Russia to participate in the Energy Week. On behalf of President Nicolas Maduro, we bring the voice of the Venezuelan people with the aim of strengthening energy cooperation in a multipolar world that is advancing against hegemonic powers.”

In response to the U.S. hegemonic ambitions, countries in the Global South are looking to the BRICS as a preferred option, as this cooperation bloc will play a decisive role in global economic growth over the next 25 years. “Countries are seeking networks that allow for a different kind of interconnection than the one the West seeks to impose,” Rodriguez said.

“In this process, Russia is an energy leader. They won’t be able to defeat Russia, just as they haven’t been able to defeat Venezuela,” she added, highlighting that her country is already adopting new international trade mechanisms for its natural resources, such as selling crude oil in national currencies.

“Currently, 40 percent of Russian crude is paid for in rubles, and Venezuela also sells oil in its national currency, the bolivar,” Rodriguez said to illustrate the search for alternatives to the financial system based on the hegemony of the U.S. dollar.

On Thursday, President Vladimir Putin inaugurated the plenary session of the International Energy Forum in Moscow, where over 4,000 participants from more than 50 countries are gathered to discuss the most current issues in global energy markets.

During his speech, the Russian leader emphasized that the international forum offers a good opportunity to establish new contacts, reach cooperation agreements, and exchange views on the energy sector.