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Venezuela: OPEC can not allow price war

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1 Venezuela: OPEC can not allow price war on Mon Nov 23, 2015 4:48 am

Rocky


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Venezuela: OPEC can not allow price war



November 23, 2015  0


Venezuelan Oil Minister Aaolockheo del Pino, said that OPEC can not allow the price of war and that the Organization must act to restore stability to the crude market soon.

Del Pino said on the sidelines of a forum of gas exporting countries in Tehran "for OPEC to do something very soon ... I do not agree with the view that the market will dictate the way the price of crude oil, does not agree with the Saudi position.

"Iran declares that its production will increase as soon as the lifting of sanctions and should do something, we can not (in OPEC) that allow to enter into a price war, we need to bring stability to the market."

He said when asked the extent to which oil prices may decline in 2016 as OPEC did not change its policy, "the mid-twenties."

Del Pino said that Russia will not attend the informal meeting of OPEC on the third of December.

He said that Venezuela has already been made in Vienna on October 21 a proposal for the price to achieve a balance in the market and reaffirmed that the price at which constantly allows investment in the future to offset the natural decline in production there at the level of $ 88.

He said that low oil prices will affect investment in the future which may mean failure to meet the oil demand growth, which would mean a price spike later.

"I do not want such a pattern of decline in the price cycle and height are harmful to consumers and producers alike, we need to send a signal to the stability of the market and signal stability that's not what we're doing now ... We are destroying price of crude oil. Speculation is dominating the market. "

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