Venezuela, Ecuador to Propose Output Cuts: OPEC Reality Check
* Saudi Arabia has boosted output in nine of the past 11 months as OPEC’s biggest producer keeps its strategy of defending market share. The nation pumped a record 10.6 million barrels a day in July. Yet it’s not immune to the slump in prices. Despite having a war chest of $647 billion of foreign-exchange reserves, its credit rating was cut by Standard & Poor’s in October on concern the country’s reliance on energy exports for 80 percent of revenue will drive up the budget deficit.
United Arab Emirates
* Price needed: $73
* Share of OPEC production: 9.2 percent
* The U.A.E.’s oil minister, Suhail Al Mazrouei, said Nov. 18 that OPEC shouldn’t be considered a swing producer but rather a steady, low-cost supplier. Mazrouei also said last month he expects a “gradual correction” in prices next year.
Venezuela
* Price needed: $125 (ING)
* Share of OPEC production: 7.8 percent
* Venezuelan Oil Minister Eulogio del Pino will make a very clear proposal for all OPEC countries to respect production quotas and make cuts to output that could include non-OPEC nations, Correo reported citing President Maduro. Venezuela depends on crude for 95 percent of its export revenue, which is why its bond traders keep a close eye on oil prices.
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