Venezuelan minister reveals 'fair price' for oil
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The oil market will remain volatile fluctuating in between $30 to $150 per barrel until both supply and demand sides are stabilized, Venezuelan Oil Minister Eulogio del Pino said on April 18, Sputnik reported.
"A fair price is in between $70 and $80. If we do not stabilize the supply and demand, the market will range from falling till $30 to reaching $150," the minister told reporters.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply.
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