The Minister of petroleum and mines of Venezuela, Eulochio del Pino expects the price of oil by the end of 2016 in the range of $60-70 per barrel. This was stated today to journalists ahead of the OPEC meeting in Vienna.
“We hope and expect that the oil price will be in the range of 60-70 dollars per barrel by the end of the year,” said the Minister, quoted by RIA “Novosti”.
Meanwhile, acting Minister of oil of Kuwait, ANAS al-Saleh in an interview with reporters pointed out that his country believes “good price range” the cost of oil at around $50-60 per barrel.
“Many say that 50-60 dollars per barrel is a good price. We share this view”, — said the acting Minister.
In the Austrian capital today began a meeting of Ministers of the Organization of countries-exporters of oil. Closed session of Ministers from the cartel should begin at approximately 13:00 GMT, and the final press conference is scheduled for 17:00 GMT, marks “Interfax”.
As indicated by sources, The Wall Street Journal, uchastnikami discuss the possibility of establishing restrictions on collective production, that would mean a return to the old system of quotas within the cartel.
Since the beginning of summer 2014 to the end of 2015 oil prices have fallen more than tripled — from $115 to $36 a barrel Brent crude, in early 2016 fell below $30. Fundamentally the decline is due to the high level of production in a world with slower demand, including because of the situation in China. Lately oil prices have been adjusted upward since the beginning of the week, the cost of a barrel of Brent remains at $50.
