Venezuela Energy Minister Rafael Ramirez said $100 would be a "fair price" for a barrel of crude oil, saying such a price takes into account the constant investments needed to maintain production levels.
Venezuela Energy Minister Rafael Ramirez said $100 would be a "fair
price" for a barrel of crude oil, saying such a price takes into account
the constant investments needed to maintain production levels.
"One hundred dollars per barrel of oil is a fair price because it would
reward the value of our natural resources and sustain the important investments
that we hydrocarbon-producing nations have to make to maintain our production
capacities," Ramirez said, the state-run AVN news agency reported
Wednesday.
Crude-oil futures were trading below $76 a barrel Wednesday morning.
The Organization of Petroleum Exporting Countries, of which
Venezuela
is a
member, gathers Oct. 14 in
Vienna
. It
will be the first OPEC meeting in seven months.
OPEC is expected to keep its production policy unchanged at the meeting. Ramirez
said he would support this, adding the for the moment it's best to continue
"monitoring" the oil market.
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