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Venezuelan leader says to travel to push for OPEC, non-OPEC meeting
Venezuelan President Nicolas Maduro said on Tuesday he would travel shortly to seek support for his push for a summit between OPEC and non-OPEC producers on lower oil prices.
Maduro has lobbied for months for an emergency meeting and coordination with non-OPEC nations, but OPEC's Middle East producers have pledged to maintain high output in a fight to defend market share against rising competition. This week Maduro reiterated calls for action within OPEC and beyond OPEC, mentioning controls on output and price bands.
...snip...
His calls for action come as Venezuelan oil prices, which averaged $41.08 last week, exacerbate a dire economic crisis that has goods ranging from cancer medication to car batteries in short supply, while raging inflation slams purchasing power ahead of a key parliamentary election in December.
...snip...
"I'm making a proposal that I'm sure countries will open up to slowly but surely," Maduro said on Tuesday after meeting with a Saudi delegation."This is a win-win proposal. Nobody wins with unstable prices. Oil at $40? No. Minimum, minimum, $70."
http://www.cnbc.com/2015/09/16/reuters-america-update-1-venezuelan-leader-says-to-travel-to-push-for-opec-non-opec-meeting.html
Maduro has lobbied for months for an emergency meeting and coordination with non-OPEC nations, but OPEC's Middle East producers have pledged to maintain high output in a fight to defend market share against rising competition. This week Maduro reiterated calls for action within OPEC and beyond OPEC, mentioning controls on output and price bands.
...snip...
His calls for action come as Venezuelan oil prices, which averaged $41.08 last week, exacerbate a dire economic crisis that has goods ranging from cancer medication to car batteries in short supply, while raging inflation slams purchasing power ahead of a key parliamentary election in December.
...snip...
"I'm making a proposal that I'm sure countries will open up to slowly but surely," Maduro said on Tuesday after meeting with a Saudi delegation."This is a win-win proposal. Nobody wins with unstable prices. Oil at $40? No. Minimum, minimum, $70."
http://www.cnbc.com/2015/09/16/reuters-america-update-1-venezuelan-leader-says-to-travel-to-push-for-opec-non-opec-meeting.html
Sigh - hard to tell whether the real news here is continued struggles within OPEC... or continued economic illiteracy on the part of Maduro.
