Venezuela's oil minister says the price
of crude is being destroyed, and unless the Organization of Petroleum Exporting
Countries (OPEC) reduces its output soon, oil prices may plummet to the
low-to-mid $20s per barrel, Reuters reports. Based on recent trends in the bunker
price/crude relationship, $20 crude could sink IFO380 in major ports to under
$100 per metric tonne (pmt). Speaking at the Gas Exporting Countries Forum in
Tehran, Eulogio del Pino warned, "The principles of OPEC were to act on
the price of the crude oil, and we need to go back to the principles of
OPEC." More… 
Thursday, November 26, 2015
We are Destroying the Price of Crude, Says Venezuela, Who Warns on $20/bbl Oil
Venezuela's oil minister says the price
of crude is being destroyed, and unless the Organization of Petroleum Exporting
Countries (OPEC) reduces its output soon, oil prices may plummet to the
low-to-mid $20s per barrel, Reuters reports. Based on recent trends in the bunker
price/crude relationship, $20 crude could sink IFO380 in major ports to under
$100 per metric tonne (pmt). Speaking at the Gas Exporting Countries Forum in
Tehran, Eulogio del Pino warned, "The principles of OPEC were to act on
the price of the crude oil, and we need to go back to the principles of
OPEC." More… 
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