OPEC Likely won't Raise Oil Production: Venezuela's Chavez

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Last updated at: (Beijing Time) Sunday, September 01, 2002

OPEC Likely won't Raise Oil Production: Venezuela's Chavez

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Venezuelan President Hugo Chavez told reporters Saturday that the Organisation of Petroleum Exporting Countries probably will not increase oil production when it next meets in Osaka, Japan, on September 19.

"Everything points to OPEC not increasing production," Chavez said at a press conference before leaving for the Earth Summit in Johannesburg. "I am sure that that is the opinion of most (OPEC member) countries."

Chavez had already said that Venezuela would not be increasing production levels in the near future. "We are not willing to increase or to cut (production) at the next meeting," Chavez said.

But he acknowledged that certain countries belonging to OPEC -- without mentioning them by name -- had requested a hike in production for internal reasons.

Chavez said that the proposal had already been rejected and that, according to the information he had, would not even be raised at next month's meeting.

"It had been proposed to include it in the meeting in Japan but it's not even going to be discussed. It remains pending. That is the information I have until now," he said.

Chavez's comments came after an OPEC official in Vienna on Thursday said the cartel's oil ministers could decide next month to raise production slightly if Saudi Arabia successfully persuaded members to do so.

The cartel's oil ministers could "decide in September on a moderate increase to give the market some time to absorb it" before making a further decision on output later in the year, the official said, speaking on condition of anonymity.

The ministers "need to reach a compromise to release a small amount of crude. It is a very tough decision to make," the official said, explaining that the output hike could be "between 500,000 and 750,000 to 800,000 barrels a day."

Oil prices have climbed to their highest levels for over a year in New York and for five months in London recently on the back of concerns about a possible US-led attack on Iraq and falling levels of oil stocks.

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