Oil price unlikely to fall back below $90: Venezuela
Oil prices, which topped a record $117 per barrel last week, are unlikely to fall back below $90, the Venezulan oil minister Rafael Ramirez said.
By Agencies |
ROME: Oil prices, which topped a record $117 per barrel last week, are unlikely to fall back below $90, the Venezulan oil minister Rafael Ramirez said on the sidelines of the International Energy Forum here on Monday.
"We believe that prices will remain around this level, at least around 90 dollars," Ramirez told reporters.
"Oil prices can't fall" much further because "production costs have increased," he said.
Iraqi oil minister Hussain Al-Shahristani told reporters as he entered the meeting that an increase in production by the Organisation of Petroleum Exporting Countries (OPEC) would not bring the relief the market was calling for, since prices were being driven primarily by speculation.
"There isn't much OPEC can do," the minister told reporters. "OPEC is producing as much as the market requires. As a matter of fact there's some surplus on the market."
An increase in output "is not going to solve the situation. The solution is in the hands of the speculators. They're the ones who are fixing the price and not the producers," Al-Shahristani said.
"We believe that prices will remain around this level, at least around 90 dollars," Ramirez told reporters.
"Oil prices can't fall" much further because "production costs have increased," he said.
Iraqi oil minister Hussain Al-Shahristani told reporters as he entered the meeting that an increase in production by the Organisation of Petroleum Exporting Countries (OPEC) would not bring the relief the market was calling for, since prices were being driven primarily by speculation.
"There isn't much OPEC can do," the minister told reporters. "OPEC is producing as much as the market requires. As a matter of fact there's some surplus on the market."
An increase in output "is not going to solve the situation. The solution is in the hands of the speculators. They're the ones who are fixing the price and not the producers," Al-Shahristani said.
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