SINGAPORE — Oil prices fell on Tuesday after Venezuela said that global supplies needed to fall by 10% in order to bring production down to consumption levels, and technical indicators also pointed to cheaper crude futures.Global oil supply of 94-million barrels per day needs to fall by about a tenth if it is to match consumption, Venezuela’s Oil Minister Eulogio Del Pino said on Monday.International benchmark Brent crude oil futures were trading at $45.81 per barrel at 1.39am GMT, down 17c from their last close.US West Texas Intermediate (WTI) crude futures were down 22 cents at $43.08 a barrel."Global production is at 94-million barrels per day, of which we need to go down 9-million barrels per day to sustain the level of consumption," Del Pino said in an interview with state oil company PDVSA’s internal TV station.Del Pino is also president of PDVSA.The statements came the same day as credit ratings agency Standard & Poor’s said that a proposed bond swap by PDVSA was a "distresse...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.