Oil prices may drop to as low as the
mid-$20s a barrel unless OPEC takes action to stabilize the market, Venezuelan
Oil Minister Eulogio Del Pino said. Venezuela is urging the Organization of
Petroleum Exporting Countries to adopt an “equilibrium price” that covers the
cost of new investment in production capacity, Del Pino told reporters Sunday
in Tehran. Saudi Arabia and Qatar are considering his country’s proposal for an
equilibrium price at $88 a barrel, he said.OPEC ministers plan to meet on Dec.
4 to assess the producer group’s output policy amid a global supply glut that
has pushed down crude prices by 44 percent in the last 12 months. OPEC supplies
about 40 percent of the world’s production and has exceeded its official output
ceiling of 30 million barrels a day for 17 months as it defends its share of
the market. Benchmark Brent crude settled 48 cents higher at $44.66 a barrel in
London on Friday. More… 
Monday, November 23, 2015
Venezuela Sees Crude in Mid-$20s If OPEC Doesn't Act
Oil prices may drop to as low as the
mid-$20s a barrel unless OPEC takes action to stabilize the market, Venezuelan
Oil Minister Eulogio Del Pino said. Venezuela is urging the Organization of
Petroleum Exporting Countries to adopt an “equilibrium price” that covers the
cost of new investment in production capacity, Del Pino told reporters Sunday
in Tehran. Saudi Arabia and Qatar are considering his country’s proposal for an
equilibrium price at $88 a barrel, he said.OPEC ministers plan to meet on Dec.
4 to assess the producer group’s output policy amid a global supply glut that
has pushed down crude prices by 44 percent in the last 12 months. OPEC supplies
about 40 percent of the world’s production and has exceeded its official output
ceiling of 30 million barrels a day for 17 months as it defends its share of
the market. Benchmark Brent crude settled 48 cents higher at $44.66 a barrel in
London on Friday. More… 
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