Russian economy to sink into recession at $60 oil price — finance minister

CARACAS, November 20. /TASS/. The price of $100 per barrel is a fair price for crude oil, Venezuelan President Nicolas Maduro said on Thursday.

“We consider the price of $100 per barrel as a fair price,” Maduro said in live broadcast of the TV Channel Venezolana de Television, adding he was confident that world oil prices would return to this level.

“This is the price level, which can ensure stability because it helps guarantee an inflow of capital investment into the oil industry,” he said.

Venezuelan Foreign Minister Rafael Ramirez has completed a tour of oil-producing countries to coordinate efforts for holding meetings of OPEC and non-OPEC countries to take decisions “in defense of oil and oil prices.”

The average price of Venezuelan crude oil has fallen to $70 per barrel. The oil price has been falling for the tenth consecutive week.

Venezuela extracts 3 million barrels of oil per day, making it the world’s fifth largest crude oil exporter.