Venezuela is nonetheless pushing for OPEC
and non-OPEC cuts and has proposed reviving OPEC’s price band mechanism,
attempting to set a $70 price floor. But two OPEC delegates said the prospect of
joint output cuts was low and the price band was unlikely to find much support.
“I really don’t believe that Venezuela will succeed in its attempts,” said one
of the delegates. “OPEC countries are
now over-producing so the cutback should start from within before trying with
non-OPEC producers.” According to OPEC’s own figures, OPEC is
pumping 31.57 million barrels per day (bpd), much more than its official 30
million bpd target and the lion’s share of an excess supply of almost 2 million
bpd. Most OPEC countries are sending their national representatives — oil
experts who rank below ministers — to the event, although Venezuelan Oil
Minister Eulogio del Pino and possibly his Ecuadorean counterpart Pedro
Merizalde-Pavon are expected to attend. More…
Tuesday, October 20, 2015
OPEC delegates downplay Venezuela's 'price band'
Venezuela is nonetheless pushing for OPEC
and non-OPEC cuts and has proposed reviving OPEC’s price band mechanism,
attempting to set a $70 price floor. But two OPEC delegates said the prospect of
joint output cuts was low and the price band was unlikely to find much support.
“I really don’t believe that Venezuela will succeed in its attempts,” said one
of the delegates. “OPEC countries are
now over-producing so the cutback should start from within before trying with
non-OPEC producers.” According to OPEC’s own figures, OPEC is
pumping 31.57 million barrels per day (bpd), much more than its official 30
million bpd target and the lion’s share of an excess supply of almost 2 million
bpd. Most OPEC countries are sending their national representatives — oil
experts who rank below ministers — to the event, although Venezuelan Oil
Minister Eulogio del Pino and possibly his Ecuadorean counterpart Pedro
Merizalde-Pavon are expected to attend. More…
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