PDVSA happy about dismissal of oil dumping complaint

Aug 09, 1999 02:00 AM

The President of PDVSA Roberto Mandini said: "PDVSA, the national oil company of Venezuela, welcomes the decision by the U.S. Department of Commerce that the oil dumping allegations brought against PDVSA by a small group of U.S. independent oil producers have been dismissed because it was determined that the petitioners were not representative of the US industry, as required under U.S. Trade Laws.
The producers representing the overwhelming majority of U.S. production understood the facts of supply and demand of the world's crude oil and did not support the petition. "The allegations brought against us were false and reflected a fundamental misunderstanding of the workings of the world oil markets. The effort of the small group of U.S. independent producers to use the trade laws against us was contrary to the principles of free trade in oil, open markets, and the energy relationship between our two countries that has grown so significantly over the years.
"Because the Venezuelan economy is so heavily reliant upon oil exports, lower prices were an enormous detriment to our economy. Furthermore, since the US is the largest importer of Venezuelan oil, it is counter-intuitive to think that PDVSA would deliberately drive down the price of oil in the U.S., thereby decreasing our own profits.
"We are very pleased about the outcome of this case and we look forward to continuing our mutually beneficial relationship with consumers, refiners and other customers in the United States for many years to come.

Source: Petroleos de Venezuela
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