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Page added on September 22, 2016
Venezuela says global oil supply exceeds demand by 10 percent
Global oil supply of 94 million barrels per day needs to fall by about a tenth if it is to match consumption, Venezuela’s Oil Minister Eulogio Del Pino said on Monday.
Del Pino, whose country is pressing for OPEC and non-OPEC producers to reach a deal to bolster crude prices, said a “fair price” would be around $70 per barrel.
“Global production is at 94 million barrels per day, of which we need to go down 9 million barrels per day to sustain the level of consumption,” he said in an interview with state oil company PDVSA’s internal TV station.
Del Pino is also president of PDVSA.
Venezuela’s President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were close to reaching a deal to stabilize oil markets.
OPEC members will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from Sept. 26 to 28.
Non-OPEC producer Russia is also attending the forum.
55 Comments on "Venezuela says global oil supply exceeds demand by 10 percent"
Anonymous on Sun, 25th Sep 2016 12:41 am
“mak, as usual your
2014 US Billionaires list”
(He just lazily C+P’d a list of 1%ers where 3/10 are not even amerikans. I know he didnt get what you were talking about (boat ya know?).
Cloggie on Sun, 25th Sep 2016 12:53 am
Our commie Friday from Vancouver tries to discredit right-wing sites like Breitbart with known CIA disinformation sites like rationalWiki.
https://www.reddit.com/r/conspiracy/comments/3eh9dq/is_rational_wiki_a_disinformation_website_could/
Apneafool: the closet imperialist, just like Boat. Cultural Marxist NWO Soros material.
Boat on Sun, 25th Sep 2016 7:43 am
mak,
Are you saying the Germans, Irish and English are a bunch of pussies? They are not smart enough to keep Jewish influence at bay?
Davy on Sun, 25th Sep 2016 7:55 am
Clog, you do realize disinformation is information. Rationalwiki may involve disinformation but it provides information to those who are capable of digesting the truth and rendering out the agenda. This board is full of disinformation from people who rewrite history in a few sentences and then try to give it legitimacy by attach obscure links. The attaching of these ideas with so many links is truth padding. Our board agenda is rife with extremism and laziness. The board attacks are much the same as we see in the mainstream media. The extremism here on this board is pure and simple ideological bias from intellectually lazy people and a reflection of what is going on in the world outside.
Boat on Sun, 25th Sep 2016 9:35 am
Davy,
“The attaching of these ideas with so many links is truth padding. Our board agenda is rife with extremism and laziness.”
Short and his model is a classic example. Yet you yourself can’t seem to grasp that the collapse of the world due to depletion effects of fossil fuels is not eminent. Me thinks you suffer from simple ideological bias.
You refuse to look at proved reserves and do the simple math. You don’t seem to acknowledge that when prices go up so do reserves. Why? Some oil costs more to develop. Climate change or the electric car might hurt oil, but until then there is plenty of oil for today’s transportation.