Tuesday, August 23, 2016

Venezuela Desperate For Higher Oil Prices

The Venezuelan government is desperate for OPEC to cut production. Its oil minister is making the rounds to find supporters.

Venezuela expects oil price of $70 per barrel as ideal to help the global financial situation, the country’s president Nicolas Maduro said last week as he tries hard to shore up support to boost oil prices, which have plunged by more than 60 per cent since 2014.

If you're wondering, oil is now about $48 a barrel.

This sort of trip is common for Venezuela. Nicolás Maduro went to Saudi Arabia in early 2015. And, of course, when OPEC did not push for higher prices Maduro blamed the United States.


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