Russian official slams Romania's airspace refusal as ploy against Moldovan leaderRussian Politics & Diplomacy July 28, 17:23
Crimea’s electric power supply restoredWorld July 28, 16:54
Motorcycle swiped from Italy in 2012 turns up in St. PetersburgSociety & Culture July 28, 16:44
Brooklyn Nets deny media buzz that Prokhorov plans to sell controlling stakeSport July 28, 16:10
Russia begins work on deep-water robot to reach Mariana Trench’s floorScience & Space July 28, 15:55
Experts: alternative energy may be used widely in the ArcticBusiness & Economy July 28, 15:50
Russia launches trials of second Yasen-class nuclear-powered submarineMilitary & Defense July 28, 15:39
Aircraft carriers, amphibious ships, and GEVs key to Russian Navy’s futureMilitary & Defense July 28, 15:23
Blackout on Russian mainland leaves Crimea in the darkBusiness & Economy July 28, 15:22
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.