Maduro proposes creating fund based on oil revenues to support economy

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Venezuelan President Nicolas Maduro considered that his country should create a fund based on oil revenues to guarantee the stability of the economy.

"Oil is getting more and more expensive. What are we going to do with oil, what is my idea? Thanks to oil, we must save, [create] a fund to guarantee the future for generations, the stability of the country's economy," Maduro indicated.

Venezuela ready to sell oil to any interested country

In a similar context, Venezuelan Oil Minister Tareck El Aissami said on Thursday that Venezuela is ready to deliver its oil to Serbia, the United States, and any other country interested in oil supplies.

"If the government of Serbia, the US, or any other country in the world, or any other company in the world, including private companies, are interested in buying oil, that is excellent," El Aissami told journalists.

Serbian President Aleksandar Vucic told Reuters on Monday that Belgrade was preparing an alternative to Russian oil supplies, including deliveries from Iraq and Venezuela.

In mid-June, Vucic said that Serbia will not be able to import oil from Russia, which is delivered by tankers to Croatia and then sent through the Adriatic oil pipeline for processing, starting November 1 due to Western sanctions against Moscow.

Earlier, Vucic repeatedly pointed out that crude oil from Iraq was $31 per barrel more expensive than Russian oil, adding that this would lead to budget losses of $600 million a year.

Venezuela's oil industry has been strangled by US sanctions on the country and declining investments. Consequently, the overall production dropped by 38% this July in comparison with last year.

US Presidents Joe Biden's initial moves to restart talks with Venezuelan President Nicolas Maduro triggered hopes that Venezuelan oil would flow once again and relieve tight global markets and rising prices.

EU prepares emergency plan to halt energy prices

This comes as the European Union is preparing for emergency action to reform the electricity market and hold the energy prices in its grip, especially since they have soared since the war in Ukraine began, according to senior officials.

EU energy ministers will be holding urgent talks in Brussels, Belgium, on September 9.

The high gas prices have been followed by disruptions in the nuclear and hydroelectric sectors against the backdrop of a heatwave due to climate change, threatening businesses, and households with bills beyond affordability. 

"The skyrocketing electricity prices are now exposing the limitations of our current electricity market design," said EU Commission President Ursula von der Leyen on Monday.

"It was developed for different circumstances. That's why we are now working on an emergency intervention and a structural reform of the electricity market," she indicated.

It is noteworthy that two weeks ago, European gas prices hit a six-month high, compounding recession fears as the area faces rationing due to Russian supply disruptions caused by the war in Ukraine.