₦airaland Forum

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/

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.

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

Problem is that even at $65, we are having problem finding buyers for the oil.

socialmediaman:
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...

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.

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.

AlfaSeltzer:
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.

Exactly, even if they face shutdown, they'll likely be swallowed by bigger companies and continue their explorations