Venezuela's Silva: Unlikely an OPEC oil cut before June
Venezuela's Energy Minister Alvaro Silva Calderon, said Saturday that is considered as unlikely that the Organization of Petroleum Exporting Countries (OPEC) will announce a new oil supply cut before June.
As an OPEC oil supply cut comes into effect Sunday, Venezuelan Minister of Energy and Mines Alvaro Calderon believed that international oil prices will rise to a stable level before June and it is being planned to hold a new meeting then to evaluate the effects of the oil supply cut.
OPEC scheduled to cut the oil supply by more than 1 million barrels per day starting from Sunday to curb the international oil price drop and to keep oil prices at a range between $22 and $28 per barrel.
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