Venezuela appears to have quietly given up hope of
persuading Opec peers to cut production to bolster the oil price, as the
country that has struggled to increase its own output focuses on alternative
strategies to boost revenues. The Latin American nation with the world’s
largest crude oil reserves wants to create a new blend — that would mix
Venezuela’s heavy oil with lighter varieties from countries such as Algeria —
for US refiners. “Teaming up with Opec
member countries is part of our strategy, not only to defend a reasonable and
just price, but also to position Opec producers as key players in the oil
market,” Eulogio Del Pino, head of state-owned Petróleos de Venezuela (PDVSA),
told the Financial Times.
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