The Associated Press
Washington Post /Miami Herard
July 29, 2008
CARACAS, Venezuela -- Oil Minister Rafael Ramirez is rejecting an increase in OPEC production quotas.
Ramirez says it would be a "mistake to inundate the market with oil" in order to increase supply and lower prices.
He told reporters on Tuesday that a recent drop in oil prices shows the problem is caused by speculation, not a lack of volume.
Prices for light, sweet crude have fallen more than US$25 since July 11 _ reaching US$122.84 a barrel Tuesday afternoon on the New York Mercantile Exchange.
Venezuela is a founding member of Organization of Petroleum Exporting Countries. OPEC produces more than a third of the world's crude _ nearly 32.7 million barrels per day.