- Don’t Cry for Me Venezuela
- It won’t be easy, you’ll think it strange
When I try to explain how I feel
That I still need your love after all that I’ve doneI had to let it happen, I had to change
Couldn’t stay all my life down at heel
Looking out of the window, staying out of the sun
OPEC member seeks `equilibrium price’ of $88 a barrel
Saudis, Qatar to consider proposal, Venezuelan minister says
Oil prices may drop to as low as the mid-$20s a barrel unless OPEC takes action to stabilize the market, Venezuelan Oil Minister Eulogio Del Pino said.
Venezuela is urging the Organization of Petroleum Exporting Countries to adopt an “equilibrium price” that covers the cost of new investment in production capacity, Del Pino told reporters Sunday in Tehran. Saudi Arabia and Qatar are considering his country’s proposal for an equilibrium price at $88 a barrel, he said.
OPEC ministers plan to meet on Dec. 4 to assess the producer group’s output policy amid a global supply glut that has pushed down crude prices by 44 percent in the last 12 months. OPEC supplies about 40 percent of the world’s production and has exceeded its official output ceiling of 30 million barrels a day for 17 months as it defends its share of the market. Benchmark Brent crude settled 48 cents higher at $44.66 a barrel in London on Friday.
“We cannot allow that the market continue controlling the price,” Del Pino said. “The principles of OPEC were to act on the price of the crude oil, and we need to go back to the principles of OPEC.”
OPEC ministers will meet informally on Dec. 3 in Vienna, a day before the group’s formal session, he said.