VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[sludgehound]

Venez & OPEC $88 a barrel am

VIENNA -- Venezuela's oil Minister Eulogio Del Pino said Wednesday that his country proposed to a technical meeting between members of the Organization of the Petroleum Exporting Countries and producers outside the group to introduce an equilibrium price of $88 a barrel to guarantee investments.
"Our president [ Nicolas] Maduro sent to each one of the head of states of the countries that were participating in this meeting a letter to propose a summit meeting between OPEC and non- OPEC producing countries to discuss the stability of the market," the minister told reporters in Vienna .
"We are concerned about the depletion of reservoirs and about the decline of production...we are talking here about equilibrium price to sustain the production."
Venezuela has proposed to hold the summit in November to reserve the price and said it had also offered to coordinate the meeting. The country wants to establish a technical, coordinating committee among producer nations to oversee production, market and price in the coming years, he added.
Write to Summer Said at [e-mail]
Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires
10-21-15 0847ET
Copyright (c) 2015 Dow Jones & Company, Inc.