Do More With Reuters
Partner Services

UPDATE 1-Venezuela wants minimum $80 oil price for 2010

Thu Nov 5, 2009 1:07am IST
 
Email | Print | | Single Page
[-] Text [+]

(Adds background)

CARACAS, Nov 4 (Reuters) - Venezuelan Energy Minister Rafael Ramirez said on Wednesday that the OPEC nation would like to see a minimum oil price of $80 per barrel for 2010.

When asked by reporters about goals for next year, Ramirez responded: "A floor of $80 and stability."

Producer group OPEC last year agreed to a series of output reductions aimed at raising oil prices, which dropped from a record near $150 a barrel in July 2008 to below $33 a barrel in December as the recession battered fuel demand.

OPEC next meets on Dec. 22 to decide on production targets, and both Venezuela and fellow price-hawk Iran said this week that OPEC did not need to increase output then. [ID:nL492642]

Big consumer nations such as the United States have expressed concern that higher oil prices could weigh on a rebound in the global economy. (Reporting by Eyanir Chinea; Writing by Andrew Cawthorne)

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India during the Reuters India Investment Summit in Mumbai and Bangalore.  Full Coverage | Blog 

Hugh Hefner
PLAYBOY SALE
An icon bows to changing times

With his Playboy Enterprises in talks to be sold for about $300 million, the 83 year-old Hugh Hefner will be giving up control over the iconic adult entertainment empire he founded that was instrumental in shaping society's opinions on nudity, sex and free speech.  Full Article 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SPECIAL REPORT

Himangshu Watts
India's food dilemma

Indian farms are failing to attract capital or talent, either from rich landlords or the students who graduate from agricultural universities.  Full Article | Related Story 

showcase

U.S. Recession
U.S. Recession

A trip through the epicenters of the American recession.  Full Coverage 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
T P Raman
Column - RBI leads the world

Reserve Bank of India's approach ring-fenced the banking system.   Full Article 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Not Enough Jobs
Not Enough Jobs

Venture capital creates jobs, but not enough.  Full Article 

 
Column - A Sweet Dream
Column - A Sweet Dream

There are good reasons for Ferrero to consider a combination with Cadbury.  Full Article