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Venezuelan President Says OPEC to Cut Oil Production
Venezuelan President Hugo Chavez said on Monday that the Organization of Petroleum Exporting Countries (OPEC) will stand firm on its decision to cut oil output by at least one million barrels a day.
In his report to the National Assembly, Chavez described the decision as "unbreakable," saying that it is intended to keep oil prices above 25.00 US dollars per barrel.
OPEC member countries will not change the decision under any pressure, he said, adding that the goal of this policy is to achieve a balanced market and a fair price.
It is unfair to merely ask oil producers to increase output to reduce oil prices, while nobody says anything against the high prices of industrial products from rich countries in the north, he said.
Chavez noted that countries from the south should also demand cuts in the prices of imported products and their foreign debts.
Representatives from OPEC's 11 member-countries will meet in Vienna on January 17 to discuss the oil reduction plan.
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