Saudi-American talks to enhance defense cooperation    Saudi Arabia offers new benefits to importers and exporters    Zelensky offers exchange of North Korean soldiers    South Korea's impeached president gets pay rise    Meghan Netflix show delayed over LA wildfires    LA fires death toll rises to 24 as high winds expected    Saudi FM meets his British, German counterparts in Riyadh    Justice minister discusses ways to enhance cooperation with UN Resident Coordinator    Al Ittihad held to 1-1 draw by Al Fayha, lose Saudi League top spot    Al Orobah sign Saudi Pro League's all-time top scorer Omar Al Somah    Al Hilal thrash Al Orobah 5-0 to reclaim Roshn Saudi League top spot    Al-Falih: 571 global companies moved their headquarters to Saudi Arabia    Riyadh meetings discuss rebuilding Syria as a unified state for all its citizens, with no place for terrorism Call for immediate Israeli withdrawal from occupied Syrian territories    Saudi FM: Continuing sanctions will obstruct Syrian people's development ambitions Top Arab, Western diplomats discuss on supporting Syria and lifting sanctions    Almarai successfully deploys SAP solutions to power strategic expansion Seamless implementation via RISE with SAP on Google Cloud supports company's SR18 billion growth plan    Over 16 million people visit Riyadh Season in 3 months    Al-Ahli defeats Al-Shabab 3-2 in Saudi Pro League thriller    SFDA warns of potential risks associated with high doses of Ginseng    Oscar nominations postponed because of LA fires    Islamic Arts Biennale 2025 to witness first-ever display of full kiswah of Kaaba outside Makkah city    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



World needs realistic and fair prices
Published in The Saudi Gazette on 11 - 10 - 2016

Venezuelan President Nicolas Maduro on Monday called for fairer oil prices to help producers, saying OPEC and states not aligned with the organization needed to create a "new mechanism" to ensure the price of oil was propped up.
Speaking at the World Energy Congress in Istanbul, Maduro said an informal meeting of OPEC members on Wednesday that was also expected to include non-OPEC state Russia could be a first step towards creating a new alliance.
The price of crude has recovered in the last days but the recent period of low oil prices has been deeply hurtful for producers like Venezuela who are heavily dependent on crude exports.
"Prices are not sustainable anymore and have fallen to their lowest levels for the last 40 years," Maduro said. "We see they are even below production costs."
"Prices must be fairer and more realistic.... for investment we need fair prices."
Referring to the upcoming OPEC talks on Wednesday, he expressed hope that "the energy ministers can reach an agreement and through this agreement we hope there can be an alliance among producers.
"If there can be let it be formed. For the market to have stability we are ready to do everything, hopefully in the next six months we will come up with a new mechanism.
"We need a new mechanism. The oil world needs realistic and fair prices."
After finally winning the approval of Saudi Arabia, OPEC last month agreed to a surprise output cut to drive up prices, its first in eight years.
Oil reaches a year high
Brent crude prices rose to their highest in a year on Monday after Russia said it was ready to join a proposed deal to cap oil production in a bid to stem a two-year price slide.
Global benchmark Brent crude futures reached the highest level since Oct. 12, 2015 at $53.22 a barrel at 1335 GMT, up $1.29 on Friday's close. US futures also gained ground, reaching a four-month high of $51.10 a barrel.
Russian President Vladimir Putin said an output freeze or even a production cut were likely the only right decisions to maintain energy sector stability.
"Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join," Putin said, speaking at an energy congress in Istanbul.
OPEC, of which Russia is not a member, aims to agree an output cut by the time it meets in late November. The goal is to cut production to a range of 32.50 million barrels per day (bpd) to 33.0 million bpd.
OPEC's current output is a record 33.6 million bpd.


Clic here to read the story from its source.