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 ...
Have to have refinery that can deal with high Vanadium content.
I didn’t know about that. Thank you for the info.
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