, Columnist
OPEC Doomed to Repeat History
Maduro's search for oil price mechanism overlooks history of misses.
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Venezuelan President Nicolas Maduro, along with Iran, has called for an OPEC summit early next year to "establish a new mechanism in setting oil prices.” He gave no clue what that mechanism might be, although he did observe that oil producers do all the work, while someone else sets the price and makes the profits.
It is clear that, as in the past, what Venezuela really wants is higher oil prices. OPEC's recent agreement to cut supply has helped to lift them a bit, but they are still far from where Maduro would like to see them, or where they need to be for Venezuela to balance its budget.