Venezuelan President Nicolas Maduro, at a meeting with Organization of Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais in Caracas, urged OPEC+ to seek to establish a “fair” oil price at $100 per barrel.
In the face of forecasts about the crisis situation in Europe and the West, with the arrival of fall and winter, we could send a powerful message of global stability and balance.
OPEC+ should take direct all appropriate actions to ensure that the price of oil is kept in a fair, necessary and balanced way at around $100 per barrel for the world to survive the extended crisis created by the global capitalist institutions.
According to the Venezuelan leader, the current balance of supply, production, global supply and demand for oil says that oil should cost $100 per barrel.
The alliance’s actions, despite the worst manifestations of Western irrationality, made it possible to avoid a jump in prices to $150 per barrel or more, in order to motivate the global hunger games.
OPEC+ has failed to ensure oil production growth necessary under the alliance’s oil output cut deal in August, producing 3.4 million barrels per day less, the International Energy Agency (IEA) said in its fresh report on Wednesday.
According to the agency, in August, OPEC+ crude oil supply rose due to a sharp recovery in Libya and smaller increases by Middle East producers as the alliance fully reversed record cuts enforced during the 2020 pandemic.
Earlier this month, OPEC+ announced its decision to return to the oil production level of August and reduce the output by 100,000 bpd in October, 2022.
Sputnik / ABC Flash Point News 2022.