Few countries have felt low oil prices as much as Venezuela. In Tehran the Venezuelan Oil Minister Eulogio Del Pino urged OPEC to act to raise oil prices, which he said could fall to the mid-$20s per barrel with action from the organization, Bloomberg reports.
Del Pino told reporters that Venezuela aims for $88 per barrel equilibrium price, which would cover the cost of new investment in production capacity. He said that Saudi Arabia and Qatar are considering the proposal. “We cannot allow that the market continue controlling the price,” Del Pino said. “The principles of OPEC were to act on the price of the crude oil, and we need to go back to the principles of OPEC.”
Venezuelan President Nicolas Maduro will meet with Russian President Vladimir Putin on Monday to discuss oil prices, which have harmed the budgets of both states. Russia is not an OPEC member. Venezuela had lobbied last year for Russia to coordinate with other non-OPEC members to lower global prices, with little effect.