(Energy Analytics Institute, Jared Yamin, 2.Jun.2016) — Venezuela again proposed establishment of a production band during the 169th OPEC meeting in Vienna.
The band system consists of minimum and maximum production levels for each country, which will allow the organization to balance the market when certain countries have problems and have lower production and others are at the other extreme, reported PDVSA in an official statement on its website, citing PDVSA President and Venezuela’s Oil Minister Eulogio Del Pino.
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