Venezuelan Oil Minister Eulogio Del Pino warned on Wednesday that global oil stocks were nearly full and the oil price could collapse if producers did not resume talks about freezing output levels.
Country's minister warns oil prices may collapse if producers don't talk
He said oil inventories were 90 percent full, while producers continue to produce about 1.5-2.0 million barrels per day of oil more than the market demands.
Venezuela minister warns oil prices may collapse if producers don't talk
Del Pino was speaking at an oil conference in Moscow, just days after leading oil producers failed to reach an agreement on freezing their output levels in order to help support weak oil prices.
The minister said a price of $60-70 per barrel was required to allow producers to resume investing in new fields to replace declining mature fields.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
SDP congratulates Sanwo-Olu, urges inclusive governance
Nnamani attacks Peter Obi after losing senatorial election to LP candidate in Enugu
INEC adjourns guber collation in Cross River to Monday
INEC declares NNPP’s Abba Yusuf winner of Kano governorship election
INEC declares Abdullahi Sule of APC winner of Nasarawa governorship election
BREAKING: Ganduje imposes dawn to dusk curfew as NNPP wins guber election in Kano
PDP wins Bugudu west state assembly constituency
INEC declares Kebbi guber election inconclusive
Lagos has chosen competence, experience – Sanwo-Olu
Pulse Sports
Fraser-Pryce and Omanyala confirmed for Botswana Golden Grand Prix
Arsenal pile further misery on rudderless Eagles with comfortable win
Osimhen matches ex-Barcelona star Eto'o's Serie A record
Indian Wells - Who will be crowned king of the desert for the first time?
El Clasico Exclusive – David Villa: No regrets joining Barcelona over Real Madrid
Transfers Gossip: Salah's agent denies Spain rumours as PSG line-up outrageous bid for Napoli star
ADVERTISEMENT