April 20, TASS reported that Venezuela launched talks on a novel plan to enter the oil market with a new oil brand. The idea is to blend Venezuela’s heavy crude with light oil from other OPEC allies, in particular Algeria, Nigeria, Angola, and Oman. "It is a perfect complement of the OPEC oil producers. This partnership will underpin oil prices," said the head of state oil company PDVSA, Eulogio del Pino. From his viewpoint, oil from Algeria, Nigeria, Angola, and Oman have been replaced on the global oil market with hydrocarbons produced by countries which are not OPEC members. It is unfolding amid the shale boom in the United States. As a result, the cartel of oil exporters had to sell their natural hydrocarbons at a discount. It was one of the reasons for a slump in oil prices.
The price of OPEC basket of twelve crudes dropped to $49.46 a barrel in early March. On average, it was worth $96.3 a barrel in 2014 and $105.9 a barrel in 2013.
