Venezuela: OPEC oil production should hold steady
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Published: November 3, 2009
CARACAS, Venezuela (AP) — Venezuela says it will not back an increase in OPEC oil production quotas despite a rise in world crude prices.
Oil Minister Rafael Ramirez says that while prices have recovered to Venezuela's year-end goal of $70 a barrel, they are still volatile and must be stabilized.
Ramirez said in comments published by the state-run Bolivarian News Agency that world oil inventories must also be depleted before supply is increased.
The Organization of Petroleum Exporting Countries has cut production by a total of 4.2 million barrels per day since September 2008 to boost prices.
Benchmark light, sweet crude for December delivery was trading at $78.09 a barrel on the New York Mercantile Exchange on Tuesday.
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