Venezuela calls OPEC+ countries to develop new pricing mechanism

Baku. 4 October. REPORT.AZ/ OPEC+ must develop a new pricing mechanism in oil market in order to avoid dependence on speculators. 

Report informs referring to TASS, president of Venezuela Nikolas Maduro said at the session of Russian Energy Week.

“The governments of Russia, Iran, Saudi Arabia, Algeria, and Venezuela are in almost daily coordination to achieve a new governability of the oil market, a new mechanism that breaks with the trend toward future speculation in order to stabilize the global energy market. We'd never had that before in OPEC. It is necessary to think about developing new market management mechanism that would prevent speculation on futures,” said Maduro.

Maduro stressed that one of the price regulating mechanism in the oil market can be use of a currency basket as Venezuela does.

“Venezuela started to use a basket of currency for selling oil where yuan, ruble, euro and dollar are used. This basket allows us to devise new characteristics of market,” he said.