Following the agreement reached at the 171rd Ministerial Conference of the Organization of the Petroleum Exporting Countries (OPEC), in which a reduction of 1.2 million barrels per day (mbd) was agreed to a total of 3.2 mbd, Venezuela has proposed itself, in a second phase, to establish formulas of crude oil prices to predict the behavior of oil in the market.
The signaling was made by the Minister of Oil and Mining, Eulogio del Pino, during the «Dando y Dando-Radio» (Taking and Giving-Radio) program, led by the Vice President of the Republic, Aristóbulo Istúriz, and Deputy Tania Díaz, for the signal of RNV Informative channel.
«It is fundamental not to be the market, with its fluctuations and its speculation, the one that is still setting the prices, and for the producers to be the ones that have to take measures such as this one; That’s the next phase, once we sign the agreement this Saturday. »
This measure, he said, would result in the stabilization of the market. «It is very difficult for a producer of any matter, of any product, that it can not be predicted in the coming months what will be the behavior of the price of their products.»
Del Pino stressed the importance of non-OPEC countries joining the agreement reached at the group’s 171rd Conference, which will take place on Saturday, to achieve a significant impact on the market’s recovery, although the recent measure provoked a rebound in Prices for the order of 8 dollars.
He recalled that OPEC production accounts for 35% of world oil production, estimated at 95 million barrels, of which 16 million barrels come from non-OPEC countries
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