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Venezuela suggests OPEC members create new oil grade

Staff writer ▼ | April 21, 2015
Venezuela has suggested that OPEC members contain the fall of oil prices through creating a new oil grade.
Venezuela oil
Oil industry   Mixing light crude and sands of Venezuela
That should be done by mixing light crude of Algeria, Nigeria, Angola, Oman and heavy oil from Venezuela's oil sands, Venezuela's state oil and gas company PDVSA president Eulogio Del Pino said during PDVSA strategy presentation for journalists.

"On April 15, we had a meeting of OPEC countries' ambassadors in Caracas. We proposed them the idea to mix our oil: take light oil from Africa to our place, mix with our heavy oil and go to the market together.

"This is ideal cooperation of OPEC oil producers. This will help oil prices," Del Pino said.