Venezuela this month will unveil a bold new strategy for rescuing ailing oil prices, one lifted from the OPEC’s history books – a price band that would build an automatic floor for prices at $70 a barrel. In an exclusive interview with Reuters, Venezuela’s long-time oil minister and current United Nations ambassador Rafael Ramirez said the proposal – to be presented to a meeting of OPEC technical advisors on Oct. 21 – would reapply the old mechanism of progressive production cuts to control prices, with a “first floor” of $70 per barrel and a later target of $100 per barrel. “We will try to progressively recover the price,” he said. The proposal offers the first detailed public insight into Venezuela’s months-long global effort to drum up support for measures to revive […]