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Venezuelan Minister Reveals 'Fair Price' for Oil

© AP Photo / Hasan JamaliAn oil pump works at sunset Wednesday, Sept. 30, 2015, in the desert oil fields of Sakhir, Bahrain
An oil pump works at sunset Wednesday, Sept. 30, 2015, in the desert oil fields of Sakhir, Bahrain - Sputnik International
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The fair price for oil is between $70 and $80, the Venezuelan oil minister said.

MOSCOW (Sputnik) — The oil market will remain volatile fluctuating in between $30 to $150 per barrel until both supply and demand sides are stabilized, Venezuelan Oil Minister Eulogio del Pino said Monday.

"A fair price is in between $70 and $80 dollars. If we do not stabilize the supply and demand, the market will range from falling till $30 to reaching $150," the minister told reporters.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply.

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