Oil Prices Not Expected to Return to $100 per Barrel

© REUTERS / Miraflores Palace/Handout via ReutersVenezuela's President Nicolas Maduro speaks during a meeting with governors and ministers at Miraflores Palace in Caracas
Venezuela's President Nicolas Maduro speaks during a meeting with governors and ministers at Miraflores Palace in Caracas - Sputnik International
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The Venezuelan President Nicolas Maduro announced that the oil prices would not return to $100 per barrel and the country should generate new sources of national income.

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MOSCOW, January 22 (Sputnik) — The oil prices will not return to $100 per barrel, the Venezuelan President Nicolas Maduro said.

"The oil won't return to 100 [dollars per barrel], it won't return. We have to generate new sources of income to the country," the president said, speaking at Venezuela's National Assembly Wednesday, as quoted by Nueva Prensa De Guyana daily.

Venezuela's economy relies on oil production to a great extent, with oil accounting for 95 percent of the country's exports and comprising 45 of budget revenues.

The Organization of the Petroleum Exporting Countries (OPEC) Secretary General Abdalla Salem el-Badri said on Wednesday that the decision not to cut oil output was purely economic and not directed at either Russia or the United States. - Sputnik International
OPEC Chief Says Decision to Maintain Oil Output Not Targeted at Russia, US

Last month, Maduro accused Washington of deliberately lowering global oil prices.

Since June 2014, oil prices have dropped by more than 40 percent due to oversupply in the market, and are currently under $50 per barrel. Organization of Petroleum Exporting Countries (OPEC) kept its oil output quota at 30 million barrels per day in November, contributing to a further slump in oil prices.

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