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Oil could collapse to $ 20 per barrel

Нефть может обвалиться до 20 долларов за баррель

The Minister of oil of Venezuela, Eulochio del Pino predicted that oil prices will once again collapse to $ 20 per barrel. He predicted that this could happen in the winter of 2017.

Del Pino says: the script is real, if OPEC members will not restrict oil production. And a warning: when collapse of prices in the winter of 2017 to take action will be too late. The Minister also cites yet another proof in favor of term limits oil production: the US plans to increase the production of shale gas at a price up to $ 60 per barrel.

To prevent the collapse of Venezuela also proposed that OPEC set the limit values (maximum and minimum levels) of oil production for each of the member countries. “We propose to define a range instead of a constant level for each country”, — said the Minister.

Previously, due to extremely low oil prices, there was a suggestion to freeze the oil. However, the OPEC members could not agree on this issue, reports TASS.

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