CARACAS: Venezuela’s Oil Minister Asdrubal Chavez predicted that crude prices will rise by the end of the year, and called for continued cooperation between OPEC and non-OPEC producers.
“We think the market is going to balance towards the end of the year, and we will see a recovery of prices,” Chavez told an oil conference in Maracaibo, without offering details.
The socialist-governed South American nation relies on crude oil for 96 percent of its foreign currency revenue and has been one of the worst-hit producers by the price slide.
“A continuous and precise dialogue is necessary between OPEC and non-OPEC producers to reach market stabilization,” added Chavez, whose government has for months been pushing for more concertation between major global producers to help raise prices.
