Venezuela says consensus on 1 mln bpd OPEC cut in Oct

Por Venezuela Real - 16 de Octubre, 2006, 10:22, Categoría: Petróleo/Energía

Maruja Tarre
Especial para Venezuela Real
October 14, 2006

Venezuelan Oil Minister Rafael Ramirez said Friday that OPEC had reached a consensus on cutting output and would slice back supply by one million barrels per day at an extraordinary meeting this month. The Venezuelan government sees markets oversupplied by about 500,000 bpd and “this could lead to a price collapse:” "There is a proposal for an output cut of one million barrels per day. And now they are reaching consensus on that. That means there is agreement among the ministers," Ramirez told a television interview. He said the cut would be effective from Dec. 1.

The next scheduled OPEC meeting is to be held in Nigeria and OPEC will have to decide if the entire production will be reduced to 28 million b/d, or each country will have a decrease in its production quotas.

Ramirez said Venezuela would look to defend $55 as a price for the OPEC basket and $50 for Venezuelan crude. The OPEC reference price is now $54,19 per barrel.

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