The Organization Of Petroleum Exporting Countries (OPEC) is meeting with the world’s top oil producing nations in a bid to make a new OPEC deal, to bring the oil price above $50 a barrel. The solution is to lessen global production. Two nations are seen crucial to the success of this initiative: Libya and Venezuela.
OPEC is pressing its members to remain committed to the new output cut. This latest cut aims to take away 1.8 million barrel of oil per day. Libya continues to ramp up its production after recovering from a civil unrest back home. Meanwhile, the economic challenges continue to hurt Venezuela as companies start pulling workers out of the country.
Per CNBC, the effect could be beneficial as it could further lessen Venezuela’s oil output. On the other hand, other nations are doing their part. New York, Russia, and Kuwait are expected to discuss how to lessen global output amid a surge in worldwide drilling last month.
According to Bloomberg, Saudi Arabia is keen on reminding the major oil producers to remain committed to the pledged cuts. The global oil price stands at $49 a barrel and to make it higher, greed must step aside. However, in Venezuela’s part, things are easier said than done.
OilPrice also reported that a rogue attack in the country’s military base is a clear indication that President Nicolas Maduro is losing control of Venezuela. A $5 billion debt is maturing near the end of 2017 and a $725 million debt needs to be repaid this month. In addition, a $3.6 billion debt is due in November. The only thing that keeps the nation afloat is the meager income it generates from oil production. Lessening supply would create more problems.
The country pumps 1.9 million barrels of oil a day, almost equivalent of the world’s oil glut. If Venezuela continues to spiral down, its effect would make the prices go as high as $80 per barrel, experts claim. The question is: Is it right to wish for one nation’s downfall for the benefit of the larger global community?
Making Genetics seeks €3 million to conduct a clinical trial in Europe
Making Genetics advances in genetics and epigenetics. The Spanish biotech company seeks $3.6 million (€3 million) to conduct a clinical...
Fez-Meknes: the roadmap for economic recovery is ready
The CRI Fez-Meknes conducted a series of interviews with institutional partners and a survey of economic operators in the region...
Workinvoice and Banca Sella to develop end-to-end digital financial services for SMES
The collaboration between the companies will allow Banca Sella's SME customers to take advantage of the best digital solutions to...
The Viechtach brewery launches a crowdfunding campaign to cope with the health crisis
The Viechtach brewery in the district of Regen is trying to fight the corona crisis with crowdfunding. Owner Markus Grüsser...
The support for medical cannabis is growing in Spain
The percentage of Spanish people who support the use of medical cannabis rises to 90% (from 84% in the previous...
Business6 days ago
Using images in your website: what you need to know
Crypto5 days ago
ETC Group launches first ETP on centrally cleared cryptocurrency Litecoin
Featured4 days ago
Our ‘Chart of the Week’ looks at Bitcoin and the new star of the crypto market – Dogecoin
Business4 days ago
The Dow Jones, CinC & the BGMI 1920 to 2021