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Venezuela to propose OPEC oil price band

Venezuela to propose OPEC oil price band

Venezuela's oil minister says the South American country is proposing that OPEC adopt a band of prices for crude oil and hopes to return to prices of about $100 a barrel.
Oil Minister Rafael Ramirez says Venezuela has proposed a price band of between $80 and $120 per barrel, but that it remains to be seen in discussions within OPEC what the range of permissible prices would be.
Ramirez tells reporters that Venezuela hopes for "an average price of $100 a barrel."
Ramirez says Venezuela's government hopes there will be consensus within the Organization of Petroleum Exporting Countries in order to stabilize prices.
On Thursday, benchmark U.S. oil fell by 2 percent to $78.60 in midday trading on the New York Mercantile Exchange.


Updated : 2021-08-01 06:54 GMT+08:00