Posted on 01/16/2017 3:48:43 PM PST by bananaman22
Recession-struck Venezuela will send a new proposal to OPEC and non-OPEC producers to try to stabilize crude oil prices, Venezuelan President Nicolas Maduro said on Sunday.
“Venezuela, as of next week, will circulate a letter with a new proposal, a new formula for the stability of real and just prices so that it can be studied and debated by all the governments that have signed this deal,” the president said in a speech, without providing details, as quoted by Reuters.
Venezuela was one of the most vehement supporters and promoters of OPEC’s supply-cut deal, in which OPEC and 11 non-cartel producers pledged to reduce oil production by a total of almost 1.8 million bpd, of which 1.2 million would come from OPEC and 558,000 from non-OPEC producers, including Russia.
(Excerpt) Read more at oilprice.com ...
>>Venezuela, as of next week, will circulate a letter with a new proposal, a new formula for the stability of real and just prices so that it can be studied and debated by all the governments that have signed this deal,<<
It will be promptly ignored.
Those who do not understand capital markets can make no useful suggestions about them.
Oil in exchange for Ramen Noodles and Spam?
Will continue to blame the US for their socialism failure.
Like all members of OPEC.
They want to ship more oil while everyone else cuts oil shipments.
And no one is allowed to cheat but them...
Yeah Fix the free market for energy
We have been learning over the past 8 yrs that money is pieces of printed paper created from nothingness by central banks.
People with oil will one day, soon, refuse to trade it for those pieces of paper (or for shiny metal you can’t eat).
LOL, that is like describing a tsunami as an surprisingly high tide.
Anybody know the extraction cost per barrel average for Venezuelan rigs?
Venezuala has a fevah and the only cure is more socialismo.
WSJ, 2015 says the cost per barrel for Venezuela is $27.
Or for bits of data that travel over the internet?
Does ANYONE in the world care what Maduro has to say???
US should now increase production. Screw OPEC. Think Keystone will be approved now?
Screw OPEC
Cut off the supply of money to terrorist and they still may want to kill us but their ability to will be diminished.
Probably not that, either.
Might trade it for disarmament of the recipient.
“Recession-struck Venezuela”
Sorry to hear that Venezuela seems to be suffering from a low spot within the vagaries of the business cycle.
I know - a Reset Button!!!
Yay! Go government!!
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