KUWAIT CITY: A technical meeting of oil experts from OPEC and non-OPEC countries later this month will discuss a proposal by Venezuela to introduce a price band for oil, Kuwait’s oil minister said.
“There is no decision. It will be discussed, and (based on) the outcome, we will decide whether to agree or disagree,” Ali al-Omair told reporters. He did not elaborate.
In an interview with Reuters on Monday, Venezuela’s former oil minister Rafael Ramirez said the proposal – to be presented to the meeting on Oct. 21 – would reapply a mechanism of progressive production cuts to control prices, with a “first floor” of $70 per barrel and a later target of $100 per barrel.
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