15:37 GMT +323 October 2019
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    Oil pumps are seen in Lake Maracaibo, in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 20, 2015

    Venezuela Expects Average Oil Price to Rise to $50-60 Soon – Oil Minister

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    Venezuela expects that the average oil price per barrel will rise to $50-60 very soon following OPEC output deal, the country’s Oil Minister Eulogio del Pino said Sunday.

    MEXICO (Sputnik) — Earlier in the day, oil-rich OPEC and non-OPEC countries struck a historic deal for the latter to reduce oil output by around 600,000 barrels per day. Russia agreed to cut its oil output by 300,000 barrels.

    “We think that very soon the price will be between $50 and $60, one has to compare this year, when the average price was $34 dollars per barrel, with the last year, when the price was $44,” del Pino said as quoted by the Telesur television channel.

    He expressed hope that until the end of this year, the level of oil price would be fairer than it was throughout the year.

    On November 30, OPEC countries agreed to cut crude oil output by 1.2 million barrels per day to 32.5 million barrels per day from January 2017.

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    Tags:
    increase, oil prices, OPEC, Eulogio Del Pino, Venezuela
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