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The Global Energy Prize annually honors outstanding achievements in energy research and technology from around the world that are helping address the world’s various and pressing energy challenges.

Academician Alexey Kontorovich: the crisis in Venezuela has a political character

Alexey Kontorovich, the 2009 Global Energy Prize laureate, the Global Energy Prize International Committee member, commented on political crisis in Venezuela, and named the actions of the USA illegitimate according to the international law. He also gave an estimation of the effect caused by this conflict on the world oil market.

According to the Academician Alexey Kontorovich, the measures taken by the U.S. Government towards Venezuela violate rules of international trade and represent obvious interference of a state in open market's laws. "Considering the small size of Venezuela and its economic aspects, the situation can have unexpected effects. It is surprising that there was no needed reaction from the supporters of the open and unregulated market from the very beginning of the crisis,” the expert added.

As it was reported earlier, at a briefing in the White House, the US presidential national security adviser mentioned that the USA imposes sanctions against the Venezuelan state oil company PDVSA and block its assets of 7 billion dollars. Commenting on these sanctions, Alexey Kontorovich noted "Prior to development of the political crisis, the USA bought up to 0.5 billion tons of oil from Venezuela. Today the American government arrested bills of the Venezuelan oil company. However, they want to receive oil further. It is difficult to predict how the oil market will behave, but if the USA receives the Venezuelan oil without payment, then it will not strongly affect the prices. If in the market faces deficiency of the Venezuelan oil, the price on oil will possibly increase". In conclusion, the academician called actions of the White House "policy of double standards".

Recall that Alexey Kontorovich is academician of RAS, chief researcher of Institute of oil geology and geophysics named after A. Trofimuk, expert in the field of geology and geochemistry of oil and gas. He received the Global Energy Prize in 2009 for his researches on the implementation of new methods of surveying, prospecting and exploiting of hydrocarbon-bearing deposits.

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