Venezuela Oil Minister Sees Price Rise by End of Year

Venezuela's Oil Minister Asdrubal Chavez predicted on Tuesday that crude prices will rise by the end of the year, and called for continued cooperation between OPEC and non-OPEC producers.

 

"We think the market is going to balance towards the end of the year, and we will see a recovery of prices," Chavez told an oil conference in Maracaibo, without offering details.

 

The socialist-governed South American nation relies on crude oil for 96 percent of its foreign currency revenue and has been one of the worst-hit producers by the price slide.

 

"A continuous and precise dialogue is necessary between OPEC and non-OPEC producers to reach market stabilization," added Chavez, whose government has for months been pushing for more concertation between major global producers to help raise prices.