Skip to content
Subscriber Only

Venezuela Sees Crude in Mid-$20s If OPEC Doesn't Act

  • OPEC member seeks `equilibrium price' of $88 a barrel
  • Saudis, Qatar to consider proposal, Venezuelan minister says
Video player cover image

Commodities Slump Amid Global Unified Bearishness

Updated on

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.