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Venezuela proposes to cut global oil production by 5% to stabilize prices — source

December 04, 2015, 8:52 UTC+3
According to previous TASS reports, Venezuelan Minister of Petroleum and Mining Eulogio del Pino said that Venezuela considered $88 a barrel a reasonable price
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© Yegor Aleyev/TASS

VIENNA, December 4. /TASS/. Venezuela proposes to cut global oil production by 5% in order to stabilize oil prices, a source in the Venezuelan delegation led by Minister of Petroleum and Mining Eulogio del Pino, who arrived to attend Friday’s meeting of the Organisation of the Petroleum Exporting Countries (OPEC), told TASS.

"Oil production cutting should be done by all - both the OPEC members and countries that are not members of the organization, including major oil-producing countries such as Russia," he said.

According to him, to make the world oil prices reasonable, it is necessary to cut global oil production by 5%.

According to previous TASS reports, del Pino said that Venezuela considered $88 a barrel a reasonable price. He also said that Venezuela insisted that the world oil market should be balanced. According to his estimates, only 70% of shortfall in production can be substituted with the price of $40 a barrel.

Oil export is a most important source for the state budget replenishment for Venezuela, however, the price of Venezuelan crude barrel has been at a low level for a long time. Oil price stabilisation is of crucial importance for the South American country that is the world’s fifth major oil producer with the daily production volume reaching 3 million barrels.

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