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SOUTH
AMERICA |
Venezuela to Defend Current
Oil Production
CARACAS - Venezuela will defend the present
levels of crude production in the next
meeting of the Organization of the Petroleum
Exporting Countries (OPEC) scheduled for
March 17 in Vienna, Rafael Ramirez,
Venezuela's Minister of Oil and Energy,
said. According to the functionary it is
important to preserve volumes of about 25
barrels a day, except for Iraq, and is
needed a monitoring on the stocks.
He said that stocks are high and that exists
the risk that prices can be at the mercy of
consumers.
He also remembered the strong speculation
which affects the oil sector and pointed out
the role played by the OPEC recovering
prices when crude bottomed out in late 2008.
Ramirez explained to Prensa Latina that is
under consideration the substitution of
dollar as currency leading OPEC prices. |
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