Venezuelan minister reveals 'fair price' for oil
The oil market will remain volatile fluctuating in between $30 to $150 per barrel until both supply and demand sides are stabilized, Venezuelan Oil Minister Eulogio del Pino said Monday, according to Sputnik.
"A fair price is in between $70 and $80 dollars. If we do not stabilize the supply and demand, the market will range from falling till $30 to reaching $150," the minister told reporters.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply.