Venezuela’s PDVSA head laments global oil ‘price war’
The logo of Venezuela’s oil company PDVSA is seen at its gas station in Caracas August 29, 2014. REUTERS/Carlos Garcia RawlinsVenezuela is canada goose black friday sale calling for an emergency meeting of the Organization 2018 canada goose outlet of the canada goose Petroleum canada goose coats Exporting Countries (OPEC) prior to its next scheduled Nov. 27 gathering to canada goose store halt the slide in oil prices canada goose coats on sale to their lowest canada goose replica level since 2010.Global benchmark Brent crude, trading around $85 per barrel on Wednesday, has dropped 25 percent since June due to ample supplies and weak demand. [O/R]The price of Venezuela oil basket has lost almost $10 per barrel in the last five weeks to $82.72 per barrel, a price that is $16.35 lower than a canadian goose jacket year cheap Canada Goose ago.made an emergency appeal canada goose clearance to OPEC to identify the causes of the destabilization of buy canada goose jacket prices and search for correctives, Del Pino added.While Venezuela is Canada Goose Outlet leading pressure to halt the price Canada Goose Parka slide, canada goose deals Saudi Arabia is quietly telling the oil market it would be comfortable with much lower Canada Goose Coats On Sale oil prices for an extended period.Venezuela is a founding member of OPEC but its influence has waned in recent years as production has flagged buy canada goose jacket cheap and it has shown little willingness to join in previous production cuts.The price fall has come at a bad time for Venezuela, whose https://www.expeditionparkaoutlets.ca economy is widely believed to be in recession even though it is suppressing official GDP data, and which is facing an onerous debt maturity burden this year and next.But Del Pino said the South American country is currently in a good position Canada Goose sale to Canada Goose Jackets obtain profits from its crude exports because the cost of extracting like it crude Canada Goose online at the vast Orinoco Belt, Venezuela main producing region, is stilla situation of price war like this, in a situation of destabilization, the Belt has unrivalled canada goose outlet store locations advantages, he said. of the producers, who have benefited in recent years from the development of projects which would not have been possible with different prices, are Canada Goose Online the first to fall.Independent experts calculate that the cost of producing, mixing and transporting the Orinoco oil is around $50 per barrel if all the crudes and components used for that are local, but canada goose outlet toronto factory PDVSA has been importing costly naphtha on the open market to use it as diluent for canada goose clearance sale its extra heavy crudes.By comparison, some independent shale crude producers in the United States need prices higher than $80 per barrel to keep their projects ongoing.Additional reporting by Corina Pons and Alexandra Ulmer in Caracas, Marianna Parraga in Houston; Writing by Andrew Cawthorne; Editing by Marguerita Choy.