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    Venezuelan Minister Reveals 'Fair Price' for Oil

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    Oil in Turmoil (134)
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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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    Oil in Turmoil (134)

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