The Minister of oil of Venezuela dopustil drop in oil prices to $20 per barrel

If the countries exporters of oil, OPEC hadashi, do not take urgent measures, oil koterski will again fall to $20 per barrel this winter, said the Minister of oil of Venezuela, Eulochio del Pino.

“If we do nothing, then winter prices will again fall to the level of about $ 20. And again we will need a “freezing” of production, but then it may be too late. So we need to take action sooner,” said del Pino in an interview with TASS.

According to him, OPEC should take appropriate measures against the possible growth of shale gas production in the United States.

Del Pino also said that OPEC should not “allow the market to control price,” as oil is not a renewable resource.

“Oil becomes more expensive. Oil extraction requires more and more investment. It is impossible that the price of oil was any. You need to have a fair price for oil, a price that at least justify the investment. Oil cannot be produced at a price below that level. If you do it for a long time, you will have consequences,” — said the Minister of oil of Venezuela.

Earlier, the head of the energy Ministry of Russia Alexander Novak said that the Ministry of energy see downside risks to oil prices in the end of 2016. “Today, we see some downside risks to oil prices in the winter period,” — said the Minister, noting that in 2017 the market stabiliziruemost.