(Energy Analytics Institute, Jared Yamin, 20.Mar.2015) – Venezuela plans to continue defending a strategy within OPEC that favors higher oil prices versus a strategy based on volumetric production, reported Venezuelan state new agency AVN, citing Venezuela’s Oil Minister Asdrúbal Chávez.
There are around 2 million barrels of excess oil on the market, said the minister, which puts downward pressure on prices.
“It is necessary to work with all the countries to arrive at a agreement to stabilize oil prices,” said Chávez.
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