PDVSA President: Venezuelan oil could reach US$60 per barrel after crude production cuts

Eulogio del Pino, President of state oil company Petróleos de Venezuela (PDVSA), said on 10 December 2016 that due to global crude oil production cuts, the price of Venezuelan oil could reach from US$50 to US$60 per barrel within six to nine months (La Patilla). Del Pino made the statement following the 10 December meeting of non-OPEC members in Vienna, at which eleven oil-producing nations agreed to cut their crude production by 558,000 barrels per day to stabilize global oil prices (Globovisión). The majority of OPEC members agreed to cut production of crude oil by 1.2 million barrels per day on 30 November, and the cuts from OPEC members and non-members are set to begin on 1 January 2017. Del Pino also noted Venezuela, along with Russia, Azerbaijan, Oman, and Kuwait, will form part of a monitoring committee to supervise the implementation of the agreement (El Nacional).