72 per barrel, a price that is $16

April 18, 2018

Uncategorized

Venezuela’s PDVSA head laments global oil buy canada goose jacket cheap price war

(Adds quotes from speech, details on Venezuela oil price basket)

By Deisy Buitrago

MARGARITA, Venezuela, Oct 15 (Reuters) The falling price of crude and a global price war are disadvantageous Canada Goose online for everyone in the international oil market, the new head of Venezuela state Canada Goose Outlet oil company PDVSA said on Wednesday.

current market canada goose outlet toronto factory situation doesn suit anyone, neither consumers nor producers, Eulogio Del Pino told an canadian goosesale goose jacket oil conference on Venezuela Margarita Island.

are in a price war.

Venezuela is calling for an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) prior to canada goose its next scheduled Nov. 27 cheap Canada Goose gathering to halt the slide in oil prices to their lowest level since 2010.

Global benchmark Brent crude, trading around $85 per barrel on Wednesday, has dropped canada goose replica 25 percent since June due to ample supplies and weak demand.

The price of Venezuela oil basket canada goose black friday sale has lost almost $10 per barrel in the last five weeks to $82.72 per homesite barrel, a price that is $16.35 lower than a year ago.

made an emergency appeal to OPEC to identify the canada goose store causes of buy canada goose jacket the destabilization of prices and search for correctives, Del Pino added.

While Venezuela is leading pressure to halt the price slide, Saudi Arabia is quietly telling the oil market it would be comfortable with much lower oil prices for an extended Canada Goose Online period.

Venezuela canada goose clearance sale is a founding member of OPEC but its influence has waned in recent years as Canada Goose Parka production has flagged and it has shown little willingness to join canada goose coats on sale in previous production cuts.

The price fall has come Canada Goose sale at a bad canada goose coats time for Venezuela, whose economy is widely believed to be in recession even though it is suppressing official GDP data, and which is facing an onerous debt maturity burden this year and next.

But Del Pino 2018 canada goose outlet said the South American country is canada goose deals currently in a good position to obtain profits from its crude exports because the cost of extracting crude at the vast Orinoco Belt, Venezuela main producing region, is still

a situation of price war like this, Canada Goose Coats On Sale in a situation of destabilization, the Belt has unrivalled advantages, he said. of the producers, who have benefited in recent years from the development of projects which would not have been possible with different prices, are the first to fall.

Independent Canada Goose Jackets experts calculate that the cost of producing, mixing and transporting the canada goose outlet store locations Orinoco oil is around $50 per barrel if all the crudes canada goose clearance and components used for that are local, but PDVSA has been importing costly naphtha on the open market to use it as diluent for its extra heavy crudes.

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