Saudi-European Parliamentary Friendship Committee discusses cooperation during Strasbourg visit    Diriyah to host third IMFC Deputies meeting under Saudi chairmanship    15,135 decisions taken to penalize Saudis and expats for violations    Saudi stock market loses half a trillion riyals, with Aramco's losses amounting to SR340 billion Tariff turmoil rattles Gulf markets    KAU to host Digital Communication Conference in Jeddah from April 29 to May 1    TGA: Riyadh tops with 45% of 290 million orders delivered in 2024    Aja and Salma mountains draw nature lovers to Hail's rugged landscapes    US revokes all visas for South Sudanese nationals over deportation dispute    Death toll from Myanmar earthquake rises to 3,471    Macron to hold Gaza summit with Egypt and Jordan in Cairo    Benzema rescues Al Ittihad with stoppage-time equalizer in thrilling Jeddah Derby    Al Qadsiah and Al Ettifaq share spoils in tense Eastern Derby stalemate    Moussa Diaby praises Al Ittihad's resilience after Jeddah Derby draw "When you can't win, you take a point"    Saudi assistant referee Iman Al Madani joins AFC elite list for 2025    Riyadh Art Week launches with over 50 galleries showcasing global artistic dialogue    Turki Al-Sheikh announces five new Saudi film projects to be produced in Riyadh    Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Screen time in bed linked to insomnia, study finds    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    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.