I / Caracas (Venezuela) January 16, 2007
| Venezuela has called for an extraordinary meeting of the Organisation of Petroleum Exporting Countries to push for another production cut in order to stem falling oil prices, the oil minister has said. Oil Minister Rafael Ramirez said there are 700,000 to a million barrels of excess daily crude production in the world market. Ramirez said yesterday that some other OPEC countries back Venezuela's proposal but did not say which. OPEC in recent months has committed to a total cut in output of 1.7 million barrels per day, including a 500,000 barrel-a-day reduction set to begin February 1. OPEC ministers are scheduled to meet next on March 15 in Vienna, Austria, but some members are considering further cuts before then. "We've observed how, in spite of those cuts ... The price of oil has declined significantly," Ramirez said according to a ministry statement. Venezuela has been a leading price hawk within OPEC. |
