The Non-Aligned Movement was formed during the Cold War, largely on the initiative of then-Yugoslav President Josip Broz Tito, as an organization of States that did not seek to formally align themselves with either the United States or the Soviet Union, but sought to remain independent or neutral. The basic concept for the group originated in 1955 during discussions that took place at the Asia-Africa Bandung Conference held in Indonesia. Subsequently, a preparatory meeting for the First NAM Summit Conference was held in Cairo, Egypt from 5-12 June 1961.
The Non-Aligned Movement opens a summit in Venezuela, seeking relevance in a post-Cold War world as the crisis-torn host country seeks to lessen its growing isolation. Leaders from the 120-nation group will gather for two days on the Caribbean island of Margarita, where Venezuela will take over the movement's rotating presidency from Iran. The ministerial meeting of the Non-Aligned Movement, headed by Iran's Minister of Foreign Affairs Mohammad Javad Zarif started in Venezuela on Thursday.
Venezuela, an OPEC member and home to the world's largest proven oil reserves, will notably be seeking backing for its campaign to slash abundant global crude production in a bid to raise prices.
"We hope to reach important agreements with other countries that we want to have a fair price for our hydrocarbons," said Venezuelan Oil Minister Eulogio del Pino on the eve of the summit.
"We don't want prices to be in the hands of speculators, as has been happening for the past two years."
The oil crunch has triggered an economic crisis in Venezuela, causing food shortages, outbreaks of looting and riots. The crisis is the biggest threat yet to President Nicolas Maduro and the socialist "revolution" launched in 1999 by his late predecessor, Hugo Chavez.
The government has not said how many leaders will be at the summit, the movement's 17th. \
Venezuelan opposition leaders condemned the summit as a marginal event that will cost millions of dollars the government can ill afford. The speaker of the opposition-majority legislature, Henry Ramos Allup, dismissed it as a "meeting of dictators," while fellow opposition leader Henrique Capriles called it "a joke to hungry Venezuelans."
Margarita island has been the scene of anti-government protests recently. Dozens of people were arrested there earlier this month after Maduro was greeted by pot-banging demonstrators during a visit.The government has deployed more than 14,000 police and soldiers to the region in a bid to contain any unrest near the summit.
Foreign Ministers of the the Non-Aligned Movement members states will attend the meeting to be held on Margarita Island the largest island in the Venezuelan state of Nueva Esparta.
The Islamic Republic of Iran assumed the rotating presidency of the Non-Aligned Movement (NAM) in 2012 for a four-year term during 16th NAM Summit in Tehran.
President Hassan Rouhani who is expected to attend the 17th Summit and deliver an speech on Friday, is going to hand over the NAM rotating presidency to his Venezuelan counterpart Nicolas Maduro
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