Venezuela to Support Opec cut if Needed
CARACAS Venezuela would support a production cut at Opec’s meeting in March if needed and does not see a need for an extraordinary meeting by the group, Oil Minister Rafael Ramirez told reporters on Sunday.
The Organisation of the Petroleum Exporting Countries (Opec), has agreed to cut production by 4.2 million barrels per day since September in an attempt to support prices hit hard by the global financial crisis.
“We are still worried about the high level of commercial inventories. In March let’s see the impact of the cut.
“ If another cut is needed we have been in line to support it,” Ramirez told reporters after voting in a referendum in Caracas.
US crude price for March delivery settled at $37.51 a barrel on Friday, down from the record price of above $147 in July last year as a global economic downturn cuts into demand.
Kuwait said that oil prices are unlikely to rise above $40 a barrel even if Opec cuts output by more than 2 million barrels a day at the March meeting. Another Opec member Iran also said this weekend that there was no need for a meeting before March.
The Organisation of the Petroleum Exporting Countries (Opec), has agreed to cut production by 4.2 million barrels per day since September in an attempt to support prices hit hard by the global financial crisis.
“We are still worried about the high level of commercial inventories. In March let’s see the impact of the cut.
“ If another cut is needed we have been in line to support it,” Ramirez told reporters after voting in a referendum in Caracas.
US crude price for March delivery settled at $37.51 a barrel on Friday, down from the record price of above $147 in July last year as a global economic downturn cuts into demand.
Kuwait said that oil prices are unlikely to rise above $40 a barrel even if Opec cuts output by more than 2 million barrels a day at the March meeting. Another Opec member Iran also said this weekend that there was no need for a meeting before March.
source: http://www.omantribune.com
