Marine Link
Saturday, October 22, 2016

OPEC Strives For $22-$28 Barrel

March 31, 2000

Venezuelan Energy and Mines Minister Ali Rodriguez said that OPEC had agreed to defend a price band of $22 to $28 per barrel for its basket of crudes in a bid to stabilize prices. Rodriguez reportedly said the oil cartel would automatically raise or cut production by 500,000 barrels per day (bpd) if prices move outside of the band for more than 20 days. Nine members of OPEC agreed this week in Vienna to increase output by 1.45 million bpd from April 1, to curb soaring prices.

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

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