Venezuela may seek OPEC output cut if prices fall

Por Venezuela Real - 20 de Agosto, 2008, 22:16, Categoría: Petróleo/Energía

Associated Press
Miami Herald
20 de agosto de 2008

CARACAS -- 
Venezuela may ask OPEC to cut oil output if crude prices continue to slide.

Energy Minister Rafael Ramírez said Venezuela would ask the cartel to consider production cuts at its next meeting in Vienna in September if a downward trend prevails.

A production cut could likely drive oil prices higher as supplies fall.

Ramírez is blaming speculators for this year's record oil prices, pointing to a 23 percent dip from July 11's $147.27 per barrel peak as ''clearest evidence'' that bidding has been driving the market.

Light, sweet crude traded at $113.27 Tuesday morning on the New York Mercantile Exchange.

Ramírez said in a Tuesday statement from Venezuela's Energy Ministry that benchmark crude prices should hover ``near $100 a barrel.''





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