Venezuela’s oil minister made a drop in oil prices to $ 20 a barrel – RBC

The Minister of Venezuela oil Eulogio del Pino

Photo: Oleg Yakovlev / RBC

oil for the winter 2017 prices may collapse to $ 20 a barrel, Venezuela’s oil minister said. According to him, such a scenario is possible, if the OPEC countries do not take urgent measures

If the countries – exporters of oil, OPEC, do not take urgent measures, oil quotes again fall to a level of $ 20 per barrel this winter , Venezuela’s oil minister said Eulogio del Pino.

«If we do nothing, the winter prices will fall to the level of about $ 20 again and again we need a” freezing “of production, but then it may be too late. So we need to take action sooner, “- said del Pino in an interview with Tass

He said that OPEC should take appropriate measures against the background of a possible increase in US shale gas production

Del.. Pino also said that OPEC should not “let the market control the price”, as the oil is not a renewable resource.

«oil becomes more expensive. Oil production requires more and more investment. It is impossible that the oil price has been any. You need to have a fair price for oil, the price of which at least justifies the investment. Oil can not produce at a price below that level. If you do it for a long time, you will be consequences, “- said the Minister of Venezuelan oil

Earlier, the head of the Russian Ministry of Energy Alexander Novak said that the Energy Ministry sees oil prices reduce the risks at the end of 2016. . “Today we see some downside risks to oil prices during the winter period”, – said the minister, noting that in 2017 the market will stabilize.