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Home >> Business
UPDATED: 12:25, December 02, 2005
Venezuela says OPEC to consider new oil price range
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Venezuela said on Thursday the Organization of Petroleum Exporting Countries (OPEC) will consider a new oil price range at a meeting on Dec. 12 in Kuwait.

Energy and Petroleum Minister Rafael Ramirez said the oil cartel will consider a new price range which would match the current situation in the international market. He did not say whether the group has proposed a new range.

The oil market needed to be studied with great caution to find any possible excessive hoarding which could crush prices, Ramirez said.

At its last meeting in Vienna in September, OPEC decided to offer the market an additional 2 million barrels a day in an effort to help ease prices.

OPEC's production is close to its capacity of 30 million barrels per day. The cartel has been trying to ease prices which was above 70 US dollars a barrel in August.

Venezuela, a founding member of OPEC, produces 3.3 million barrels a day currently, of which 1.5 million are exported to the United States.

Source: Xinhua

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