Venezuela calls for OPEC summit

Xinhua, CARACAS: Venezuelan President Nicolas Maduro proposed yesterday an urgent OPEC (Organization of the Petroleum Exporting Countries) summit to help stabilise crude price.
Such a meeting was extremely urgent and that leaders of non-member countries, such as Russia, would also be invited, Maduro said in an interview with TV station TeleSUR.
He said that he had written to all OPEC heads of state about the stability of the oil market. “The energy demand of the world is growing daily and this instability is hurting producers,” added Maduro. ”Energy investments must have a roof and a ceiling. With demand growing, having a $40 or $50 per barrel of oil makes investments unsustainable. We need a minimum price of $70 dollars a barrel,” he said.

Venezuela calls for OPEC summit

Xinhua, CARACAS: Venezuelan President Nicolas Maduro proposed yesterday an urgent OPEC (Organization of the Petroleum Exporting Countries) summit to help stabilise crude price. Such a meeting was extremely urgent and that leaders of non-member countries, such as Russia, would also be invited, Maduro said in an interview with TV station TeleSUR. He said that he had written to all OPEC heads of state about the stability of the oil market. The energy demand of the world is growing daily and this instability is hurting producers, added Maduro. Energy investments must have a roof and a ceiling. With demand growing, having a $40 or $50 per barrel of oil makes investments unsustainable. We need a minimum price of $70 dollars a barrel, he said.