OPEC crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry.
Venezuela's oil production plummeted to its lowest level since 2002 in December as its national oil company PDVSA suffers financial shortfalls, S&P Global Platts said Monday.
Russia has agreed with Opec members Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same.
Venezuela’s oil minister has launched a tour around OPEC and non-OPEC countries in a bid to persuade the organisation to take action amid a 12-year low oil price.
Cuba plans to drill exploratory deepwater wells in the Gulf of Mexico by the end of 2016 or beginning of 2017 despite current low oil prices, officials from the state oil monopoly said.
The safe money for oil traders is betting that Venezuela's plan to resurrect OPEC's old price band mechanism, attempting to set a $70 floor for the battered market, will be doomed from the start.
Venezuelan oil minister Eulogio del Pino has revealed that eight non-OPEC countries have been invited to an oil meeting to take place next week.