Venezuela's oil minister applauded Saudi Arabia's decision to move away from West Texas Intermediate crude benchmark pricing for oil sold in the U.S., and said his country may do something similar.
"We support (Saudi Arabia) in its decision ... a very important decision," Rafael Ramirez said on the sidelines of an oil conference.
Argus Media said last week that Saudi Aramco, the state-owned oil company, would in January switch to using its Argus Sour Crude Index as a pricing benchmark for oil sold in the U.S., instead of West Texas Intermediate. The abandonment of WTI, the longtime standard, for Argus's five-month-old index by the world's biggest oil exporter instantly sparked speculation that other major producers would follow.
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