Iran and Venezuela cooperate to boost oil prices

[webfact]

Iran and Venezuela cooperate to boost oil prices

 

 

CARACAS: -- Venezuela’s president said he expects new measures to stabalise oil markets and strengthen OPEC to be announced soon.

 

Nicolas Maduro was meeting with Iran’s foreign minister and said the two nations agreed to cooperate to boost oil prices.

 

“We continue to build common ground and a new consensus on stabilising oil markets, strengthening industries, strengthening OPEC, to strengthen the closeness and alliance with the production countries of OPEC,” said Maduro in a televised address.

 

Since the price of crude collapsed two years ago, Venezuela has wanted to rally support amongst oil exporters to boost prices by limiting production.

 

But major oil producer Saudi Arabia has showed little interest in cutting output.

 

 

-- © Copyright Euronews 2016-08-29

 

 

[ezzra]

Birds of a feather flock together, two courtiers that pride themselves of being the bastion of democracy and human rights, two countries where the citizens are enjoin full freedom and free speech, I can go on and on, but it will all be in sarcasm..... 

[ExpatOilWorker]

The only way they can increase oil price is by cutting production. Saudi will send them a Thank you note, if they do that.

[arithai12]

Until recently it was Iran who opposed cutting production, they missed their opportunity.

 

With large reserves in place and overall demand slowing down, it will be difficult to increase above 50$ for the next 1-2 years.

[mjef]

1 hour ago, arithai12 said:

Until recently it was Iran who opposed cutting production, they missed their opportunity.

 

With large reserves in place and overall demand slowing down, it will be difficult to increase above 50$ for the next 1-2 years.

 

 

 

Iran wasn't opposed to cutting production. Due to international sanctions we lost a huge portion of our market share. Now the idea is to restore the market share to previous levels. Of course we will not benefit from lower oil prices but then only if all OPEC members agree to cut production we will follow suit given that we don't lose market share any further.

Edited August 29, 2016 by mjef

[williamgeorgeallen]

if you told me 5 years that the price of oil was going to actually halve i would not have believed it but here we are. bad news for all the alternative energy sources that now have to compete with lower fossil fuel prices. at least the prices still remain fairly high at the pump due to increased taxation.

[elgordo38]

I sense a look of desperation on Maduro's face. I have a feeling its all for naught. As previously stated the Saudi's will send them all a thank you card and break out laughing. They are in the same boat as the Fed no ammunition left in their pea shooters all they can do is try and talk the markets in their direction. A lot of investors are still hanging onto every word these liars and thieves spout. Its disgusting especially the Fed.

[ClutchClark]

5 hours ago, mjef said:

 

Iran wasn't opposed to cutting production. Due to international sanctions we lost a huge portion of our market share. Now the idea is to restore the market share to previous levels. Of course we will not benefit from lower oil prices but then only if all OPEC members agree to cut production we will follow suit given that we don't lose market share any further.

 

What percent of the global market does Iran consider "its" share?

 

Thanks

[Penicillin]

7 hours ago, ExpatOilWorker said:

The only way they can increase oil price is by cutting production. Saudi will send them a Thank you note, if they do that.

Ha!   Good one !

[mjef]

On 8/29/2016 at 2:59 PM, ClutchClark said:

 

What percent of the global market does Iran consider "its" share?

 

Thanks

 

 

http://www.bloomberg.com/news/articles/2016-05-12/iranian-oil-production-soars-to-pre-sanctions-levels-chart

 

The link above wraps it up.

[ExpatOilWorker]

On 8/29/2016 at 2:03 PM, Penicillin said:

Ha!   Good one !

 

They all might win and get $100 oil again in 7-10 years time.

 

http://www.bloomberg.com/news/articles/2016-08-29/oil-discoveries-at-a-70-year-low-signal-a-supply-shortfall-ahead

 

" Just 2.7 billion barrels of new supply was discovered in 2015, the smallest amount since 1947"

 

NOTE: This is only conventional oil, so it is a bit misleading. That said we use 30 billion bbls/year. 10 times more than discovered in 2015.

Edited August 31, 2016 by ExpatOilWorker