Venezuela expects OPEC to cut output again approve






The owner of Energy and Mines of Venezuela, Member Angel Rodriguez. (Photo: VTV)

The owner of Energy and Mines of Venezuela, said it will propose further cuts if necessary, as there are fluctuations in the market that do not stop to stabilize oil prices, the OPEC has shown its possibility of further cuts in production at the next reunion in Vienna.






_ TeleSUR ago: 25 minutes
The chairman of the Energy and Mines of Venezuela's National Assembly, Deputy Angel Rodriguez, said Wednesday that the country expects a positive response from the Organization of Petroleum Exporting Countries (OPEC) on a possible cut in production raw.

"Venezuela is in agreement with a new cut in oil production because inventories are still consuming countries is high. To continue lowering prices does not suit you or the consumer or the producers," said Rodriguez.

He indicated that the recovery in prices, there is an activity which has not been reversed, such as the senator is "to see how it continues to draw oil."

Similarly, the MP said that the reunion to be held in the coming days in Vienna, Austria, Venezuela, along with other countries, as reported by the Monitoring Committee of OPEC, will propose further cuts if necessary as there are fluctuations in the market that do not stop to stabilize oil prices.

He emphasized that the cut will also benefit the industrialized countries, since the price increase should be gradual, so that investments are still in the process of exploration and refining.

"That debate will be important in OPEC, we will see the minister Ramirez stating the geopolitical problems and what should be the policy of the cartel before the new reality of the world."

He explained that the OPEC meeting in Vienna will provide insight into whether or not a new crop. "Venezuela has always complied with their assessments," said Rodriguez.

Also reported that the discussions go forward on the Law of Petrochemicals, Electricity Industry Act and the Mine Act. "These three laws are working and going to start links with Ministers'

"This reunion will be a balance of everything that happened after the cuts that OPEC has generated, but the important thing is that its members will determine whether it is feasible to carry out a new cut or not but expect positive responses, "he said.

The Venezuelan OPEC request was made last February 25 by Economy Minister Ali Rodriguez, who noted at that time that the policy of the OPEC has already managed to "stop the violence they were experiencing falling oil prices."

OPEC decided last December to cut production by 2.2 million barrels a day to cope with falling prices due to declining demand as a result of the economic crisis.

On Sunday, Rodriguez said that the prices "low" oil "will remain" at least for this year and noted that it corresponds more to factors "speculative" that the supply-demand relationship.

The minister warned that the longer this situation which has caused the suspension of projects in the oil sector globally, there will be "a new shot of the price to levels unimaginable in a term not defined.

Venezuela has reduced its production on 364 thousand barrels per day in response to the cuts agreed by OPEC, which currently pumped 3011 million barrels per day, according to official data.