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Venezuela Says Global Oil Supply Exceeds Demand by 10 Percent

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 Monday. Del Pino, whose country is pressing for OPEC and non-OPEC producers to reach a deal to bolster crude prices, said a "fair price" would be around $70 per 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...

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