Venezuela's proposal to cut oil production and up prices receives little echo

Thursday, October 22nd 2015 - 06:51 UTC

Full article 4 comments

Russia and Mexico – non-OPEC countries, which have been invited to participate Venezuela-proposed meeting this week – have no intention to cut oil production, International Oil Daily reported. Read full article

Comments

Disclaimer & comment rules

Skåre Anti-K.
Good luck with that one .. cretins. Unfortunately none of the other invitees have an economy that is so knackered that a packet of condoms costs the equivalent of more than 15 barrels of oil (yup, a packet of 36 condoms in Venezuela is now the equivalent of more than 800 dollars at the official exchange rate).

Unlike 1973, almost all the other oil producers now have substantial sovereign wealth funds (Norway and its 5 million citizens, for example, have a sovereign wealth fund that is larger than the combined GDP of Argentina and Venezuela) and the capital in these funds is largely invested in economies that benefit from lower oil prices .. so it is actually MUCH better business for them to keep oil prices at moderate levels, because they earn more on their investments than they would from manipulating the free market to force higher oil prices.

Venezuela wants the rest of the world to pay for Chavez's profligate waste and corruption; but in this they will find no friends .. other than little fascist Argentina with their unserviceable sovereign debt fund.
Oct 22nd, 2015 - 10:26 am - Link - Report abuse 0
-+
Chicureo
Quotas rarely are actually complied with. Sort of “honor among thieves ...”
Oct 22nd, 2015 - 11:53 am - Link - Report abuse 0
-+
ChrisR
The Arabs want to crush the American fracking oil companies and it looks like they are succeeding.

Then, and only then, maybe, the prices will go up.
Oct 22nd, 2015 - 09:05 pm - Link - Report abuse 0
-+
Chicureo
Problem is that Iran will increase its oil exports additionally by 1 million barrels a day when the international sanctions are lifted...

Angola has just announced that they will INCREASE their exports by 25% in order to help compensate the state budget shortfall in petroleum revenues.
Oct 23rd, 2015 - 01:31 pm - Link - Report abuse 0
-+

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!