Venezuela's outlook is bleak: Oil prices are expected to fall below $20.

Oil prices could fall below $20 a barrel if oil-producing countries fail to reach an agreement on market stability at a meeting in the Algerian capital. This was stated by Venezuela's Minister of Oil and Mineral Resources, Eulogio del Pino.

Illustration photo: Sputnik.

"We are in constant contact with Saudi Arabia and Iran, trying to avoid a price catastrophe. If we don't reach an agreement at the September meeting in Algeria, we will be drawn into a price war, in which, in the absence of agreement and coordination, oil prices could collapse below $20 per barrel," Del Pino said in an interview with Russia Today.

The International Energy Forum will be held in the Algerian capital from September 26-28. An informal OPEC meeting is scheduled for September 28. As expected, the parties may resume negotiations on freezing oil production.

According to Sputnik