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Venezuelan minister calls for
OPEC production cut
Venezuela's Energy and Petroleum
Minister Rafael Ramirez on
Monday called on the
Organization of Petroleum
Exporting Countries (OPEC) to
prepare itself for a new
production cut, according to
reports from Vienna.
On the eve of a meeting of OPEC
officials in Vienna, Ramirez,
who is also president of
Venezuelan state petrol company
Petroleosde Venezuela, said that
the market is overstocked,
citing an overproduction of some
2 million barrels a day.
Ramirez said that maybe during
this meeting it will be
necessary to "keep things as
they are." However, he
recommended OPEC members prepare
for a cut at the next OPEC
meeting on March 8.
"Our position is that maybe the
best is to wait until March,
early in March, in order to cut,
something like 1 million barrels
per day," he said.
Ramirez blamed the rising oil
prices on the confrontation
between Iran and the United
States over Iran's nuclear
program.
Venezuela, a founder member of
OPEC, and the only American
country in the cartel, can
produce up to 3.3 million
barrels per day at an acceptable
price for the market, said
Ramirez.
Most OPEC members believe that
current production levels are
appropriate for maintaining
market stability.
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