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Nairaland Forum / Nairaland / General / Politics / Venezuela Eyes $100 Oil Price: Nigeria Should Team Up. (510 Views)
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Venezuela Eyes $100 Oil Price: Nigeria Should Team Up. by pegolala(m): 11:27am On May 18, 2015 |
Venezuela is pushing for a new agreement between OPEC and non-OPEC nations to stabilize oil prices, President Nicolas Maduro said, in the most serious indication yet of a renewed drive to boost prices back to $100 per barrel. Cash-strapped Venezuela has been a historic price hawk, and a severe recession and product shortages have heightened Maduro’s need for a market recovery. “We’re currently working on a deal that hopefully can materialize in June regarding an announcement between OPEC and some of the most important (oil) producers in the world to finish stabilizing the market in the second half of the year,” he said after a meeting with Qatar’s emir. It is unclear how successful these efforts may be now, with global Brent prices having rebounded by nearly 50 percent from their January lows to more than $65 a barrel. His comments come a month after Russian officials said they had been in “unprecedentedly” active consultation with OPEC nations, although there has been no tangible result from those discussions. Officials from Russia, the world’s second- largest producer, have given no sign that they are willing to cut. “It’s in the best interest of Venezuela and OPEC for the price of (oil) to stabilize at 100 (dollars) in the medium term,” Maduro said. That view is at odds with many others in OPEC, with most saying they do not expect to see such prices for years to come. Some OPEC sources have suggested the group’s core Gulf members are hoping for crude to equalize at around $70 a barrel, in line with what analysts are currently projecting for 2016. Maduro himself said in January prices would not return to $100, and told citizens, “God will provide.” The Organization of the Petroleum Exporting Countries meets on June 5 in Vienna. The group in November shot down calls by price hawks including Venezuela for an output cut. http://www.ngrguardiannews.com/2015/05/venezuela-eyes-100-oil-price-deal-with-non-opec-producers/ |
Re: Venezuela Eyes $100 Oil Price: Nigeria Should Team Up. by Nobody: 11:34am On May 18, 2015 |
and tanoids mocked buhari for saying he would stabilize world oil price. even though dia is no evidence he ever said such. nw here is a focused leader(president of venezuela),who is doing smtin abt d oil price for his country,unlike some who jst sit down nd whine. |
Re: Venezuela Eyes $100 Oil Price: Nigeria Should Team Up. by socialmediaman: 11:37am On May 18, 2015 |
Saudi would have a role to play in this, but with oil exploration going on in countries like the US, it's not gonna be an easy task. Even if countries were to agree on this, it will end up in a quota system that may not Favour production targets... We have to increase our internal consumption by investing internally to keep business bubbling and generating returns |
Re: Venezuela Eyes $100 Oil Price: Nigeria Should Team Up. by AlfaSeltzer(m): 11:40am On May 18, 2015 |
Problem is that even at $65, we are having problem finding buyers for the oil. |
Re: Venezuela Eyes $100 Oil Price: Nigeria Should Team Up. by AlfaSeltzer(m): 11:42am On May 18, 2015 |
socialmediaman: US is their big headache because it is private corporations, not the govt, that exploit shale gas. So as long as there's profit to make, they'll kee fracking. The only thing that will stop them is low price. |
Re: Venezuela Eyes $100 Oil Price: Nigeria Should Team Up. by PassingShot(m): 11:42am On May 18, 2015 |
If OPEC and non-OPEC members can come together, oil price can be fixed really. However, such action will lead to many countries looking for alternative source of energy which will soon lead to excess crude with no buyers. Again, some countries will sell below whatever price is agreed for one reason or the other especially when such action does not attract any sanction from parties involved. 1 Like |
Re: Venezuela Eyes $100 Oil Price: Nigeria Should Team Up. by socialmediaman: 11:44am On May 18, 2015 |
AlfaSeltzer: Exactly, even if they face shutdown, they'll likely be swallowed by bigger companies and continue their explorations |
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