NVDL: So do the math - oil prices are WELL BELOW the sustainable supply levels which means supply is going to take some big cuts.
Jan. 16 (Bloomberg) -- Oil prices need to rise to about $70
a barrel to sustain investments in fields and avoid shortages,
Venezuelan Energy and Oil Minister Rafael Ramirez said.
Venezuela and other oil-exporting nations are facing falling
revenue after crude plummeted 73 percent in the past six months.
Oil for February delivery rose $1.11, or 3.1 percent, to $36.51 a
barrel on the New York Mercantile Exchange.
OPEC trimmed 2.46 million barrels a day from its members’
production quotas at a Dec. 17 meeting. Ramirez said Chavez had
mentioned a possible further cut of 2 million barrels a day.
Chavez said today that oil prices would “improve soon,”
without giving a more specific forecast.
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clipped from www.bloomberg.com
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