He pointed out that it is the speculative process set by "paper oil barrels" that led to rocketing oil prices. Another reason for the rise is the US limited oil refining capacity.
to cover demand for gas and other heating fuels.
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PDVSA: High Oil Price Result Of Hugger-Muggery Tradings
"Actually, there is a 3 million barrel daily supply excess"...
The president of Venezuelan state-run oil company Petroleos de Venezuela declared that uncontrollably rising oil prices are a result of speculative trades in the future market and they will never return to the previous levels.
Ali Rodriguez Araque said, that while OPEC and independent producers are pumping 84 million barrels per day, the global consumption stands at only 81 million barrels, but traders negotiate 120 million to 160 million barrels in the future market. "Actually, there is a 3 million barrel daily supply excess," said Rodriguez.
He pointed out that it is the speculative process set by "paper oil barrels" that led to rocketing oil prices. Another reason for the rise is the US limited oil refining capacity.
to cover demand for gas and other heating fuels.
He pointed out that it is the speculative process set by "paper oil barrels" that led to rocketing oil prices. Another reason for the rise is the US limited oil refining capacity.
to cover demand for gas and other heating fuels.
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