Oil Slides as Venezuela Sees Mid-$20 Crude If OPEC Doesn't Act - Bloomberg Business:
"Oil fell amid a broader commodity rout while Venezuela predicted prices may tumble to the mid-$20s a barrel unless OPEC tackles the global surplus.
West Texas Intermediate futures for January fell as much as 3.3 percent, sliding with industrial metals such as copper, which dropped to the lowest since 2009. Venezuela is urging the Organization of Petroleum Exporting Countries to adopt an “equilibrium price” that covers the cost of new investment in production capacity, Oil Minister Eulogio Del Pino said Sunday.
Oil has slumped about 46 percent over the past year amid speculation a global glut will persist as OPEC continues to pump above its collective quota. The 12-member group meets Dec. 4 in Vienna to discuss the production ceiling as Iran signals its intention to boost output by 1 million barrels a day within five to six months of economic sanctions being removed."
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