Venezuela Opposes Upping OPEC Quotas

Home>>World

Last updated at: (Beijing Time) Tuesday, September 03, 2002

Venezuela Opposes Upping OPEC Quotas

Venezuelan Energy Minister Rafael Ramirez expressed opposition to any oil output increase that might be proposed at the upcoming OPEC meeting in Japan, local press reported on Monday.

DISCUSSION

CHINESE

SEND TO FRIEND

Venezuelan Energy Minister Rafael Ramirez expressed opposition to any oil output increase that might be proposed at the upcoming OPEC meeting in Japan, local press reported on Monday.

"We believe there should not be an increase in oil production," Ramirez said on arrival in Rio de Janeiro for the 17th World Petroleum Congress.

From Venezuela's perspective, he added, this is not the right moment to raise production.

Fears of a US attack on Iraq have sent crude prices higher. Theprice climbed to almost 27 US dollars per barrel in late August, the highest level since the Sept. 11 attacks.

It is believed the Organization of Petroleum Exporting Countries (OPEC) will consider raising oil output by 800,000 barrels per day (bpd) at its Sept. 19 meeting in Osaka, Japan. The present production quotas are 21.7 million bpd.

Venezuela's President Hugo Chavez, who will also attend the World Petroleum Congress, said earlier that Venezuela will urge the OPEC to maintain its current production quotas at the Sept. 19meeting.

OPEC production quotas have been reduced by nearly 20 percent since February 2001. And as of Jan. 1, when quotas were cut by 1.5million bpd, OPEC production levels were at their lowest in the last decade.

The 11-member organization, comprising Saudi Arabia, Algeria, the United Arab Emirates, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar and Venezuela, controls 36 percent of the world oil market.

Questions?Comments? Click here

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

Highly Concerning China, US Plans to Deploy New Fighters in Guam ( 5 Messages)

Japanese Court Dismisses Germ Warfare Victims' Damages Claim ( 3 Messages)

China Plans to Stop the Overeas Flight of Corrupt Officials ( 14 Messages)

China's Exports Hit Record of US$56.2 Billion in July ( 96 Messages)

Old Chinese Beaten by NY Police, Triggers off Big Clash ( 47 Messages)