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Venezuelan Minister Rules out Changes in OPEC Oil Production Plan
The current crude oil production plan will not be changed during the upcoming meeting of the Organization of Petroleum Exporting Countries (OPEC) on September 26 in Vienna, Austria, Venezuelan Energy and Mining Minister Alvaro Silva said Wednesday in Caracas.
The minister expected a rise in oil prices considering higher demands in the coming fall and winter in the industrialized countries.
The OPEC, which produces 40 percent of the world's crude oil, decided on July 25 to cut daily production by 1 million barrels to sustain the prices. The value of the OPEC's basket of seven crude oils averaged 25.01 U.S. dollars a barrel on Tuesday, up from 24. 92 dollars a barrel the day before, the OPEC's news agency Opecna said Wednesday.
In line with the requirements of the price system, the OPEC may cut its daily production by 500,000 barrels if the oil prices stay below 22 dollars a barrel for 10 trading days in a row.
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