Venezuelan President Nicolas Maduro asked to stabilize the price of oil – BBC

Venezuela intends to once again ask the leaders of the oil to make efforts for the growth of oil prices. According to the Venezuelan president Nicolas Maduro in a state television broadcast, it is proposed to hold consultations on this issue with both countries – members of OPEC, as well as with producers outside the cartel. Venezuelan Oil Minister Eulogio del Pino added that it is primarily a question of Russia

«In order to stabilize prices in the direction of $ 40 and above – $ 50-60.”, -. Maduro quoted by Reuters

In the Ministry of Energy of the Russian Federation “Gazeta.ru” said that official proposals on the organization of a meeting of countries – from Venezuela and OPEC oil producers to date have been reported <. / p> <-! place 8051405, / business / 2016/02/01 / 8051405.shtml, nm2015 / v2 / article / incut, incut1_link ->

Over the past two weeks, oil quotes sequentially decreased from the level of about $ 45, falling below $ 42. But on Tuesday began a gradual upward correction. On Friday, the intercontinental stock exchange ICE in London, the October futures for Brent crude oil (the price is tied to the value of its Russian Urals) has traded at $ 44 per barrel.

For Venezuela the question of oil prices is critical. The country’s economy is 90% dependent on oil sales. But now Venezuela has to sell raw materials even at a loss. As he wrote in a Bloomberg Thursday, it continues to supply in the Central American and Caribbean countries at preferential prices.

Previously, Eulogio del Pino predicted that in the winter of 2017 a barrel price could fall . $ 20

«Not only that Venezuelan oil itself is a high cost of production, it is also a very” heavy “(the so-called oil of high viscosity) and high-sulfur – says partner company Rusenergy Michael Krutikhin. – It is necessary to dilute the more “easy” oil simply, as its own raw materials such that it flowed in the

tankers “have to buy” light “oil for this Venezuela (including in Russian). the quality of her left. It only reduces the profitability of Venezuelan oil exports

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The economic crisis in Venezuela reached that lacks basic food and medicine, tens of thousands of Venezuelans make “food raids” in neighboring Colombia. The International Monetary Fund (IMF) forecasts that exceed 700% record, while the state’s economy would collapse by 10% by the end of 2016 inflation in Venezuela. And it will be the worst results in the world.

As early as next year, according to IMF estimates, inflation in Venezuela may exceed 1600%.

Now the country is preparing for a referendum, in which will be decided whether Maduro president will be.

Given the country’s dependence on oil, Venezuela periodically in favor of concerted action the increase in oil prices. Back in November 2014, Venezuela was trying to establish cooperation with Iran on this issue. Iranian Oil Minister Bijan Namdar Zangene and the head of the Venezuelan Foreign Minister Rafael Ramirez during the negotiations have developed the position that is comfortable price of $ 100 per barrel. The parties agreed to cooperate in order to stabilize oil prices, and even tried to bring Russia to the alliance. However, no concrete action was taken, and the barrel, which at that time was worth about $ 77, continued to fall in price

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at the beginning of 2016 Russia, Saudi Arabia and Venezuela offered to fix the level of production, so that in the face of increasing demand the prices have gone up. Initially, the idea was supported by all the OPEC countries and a number of countries which are not members of the organization. But then Iran, with which only in January were filmed Western sanctions restricting exports (and hence production) of oil, said the freeze production only when it reaches dosanktsionnogo level (4 million barrels a day, has been achieved to date) .

As a result, negotiations on this subject on April 17 Qatar Doha failed, not so much because of the position of Iran, but because of the fact that the Saudis refused to fix the extraction, if the Iranians do not do it.

The Russian side has repeatedly noted that even without the participation of Iran freeze production will have a positive impact on prices, since it is supported by 17 major manufacturers, but Saudi Arabia, such a scenario is not satisfied .

it is highly unlikely that any of the leading players in the global oil market will listen to Venezuela. Especially now that the price of a barrel is almost at the level at which it was when the talks collapsed in Doha (when a barrel was worth $ 42,85)

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«Everything is already decided, – says Mikhail Krutikhin. – Countries such as Saudi Arabia, Iran, Iraq, Russia, continue to increase production volumes. And while prices allow – will continue to drill

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According to experts, is now difficult to say to what level should drop oil quotations, world leaders once again thinking about, or at least reducing production fixation.. In Russia, for example, the average total cost of production is about $ 27 per barrel (this amount includes not only the operating costs on the rise of oil from the well, but also administrative, tax component, etc.).

Senior Vice President of Argus Vyacheslav Mishchenko said that Russia is not interested in discussing production fixation. “And in terms of production and export of Russian economy feels quite comfortable – says the expert. – So, any decisions on these matters may be motivated unless political considerations »

Valery Nesterov of Sberbank CIB said that quotes should fall to at least $ 30 per barrel -. And only if leaders industry can take some steps to strengthen prices. According to forecasts of Nesterov, by year-end price of a barrel will drop to $ 35-40, the average price will be around $ 43. Mishchenko expects $ 50 at the end of the year and the stabilization of prices in the corridor of $ 50-60 in the next year.