Venezuela to propose OPEC oil price band

Oil   Policy
By The Associated Press on June 29, 2012

CARACAS, Venezuela (AP) — Venezuela is proposing that OPEC adopt a band of prices for crude oil and hopes to return to prices of about $100 a barrel, the country's oil minister said Thursday.

Venezuela has proposed a price band of between $80 and $120 per barrel, but it remains to be seen in discussions among OPEC members what the range of permissible prices would be, Oil Minister Rafael Ramirez told reporters.

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Oil Minister Rafael Ramirez
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