Venezuela calls for OPEC to cut production quota by 500,000 bpd
AFP
VIENNA
Petroleumworld.com 03 08 06
Venezuelan Energy Minister Rafael Ramirez on Tuesday called for
OPEC to cut its official production quota by 500,000 barrels per
day when the cartel meets in Vienna on Wednesday.
"In this meeting we believe we have to cut around 500,000
barrels per day," Ramirez told reporters as he arrived at
his hotel in the Austrian capital.
"We believe that the market is well-supplied, in fact it's
oversupplied by around 1.0 million barrels," Ramirez said.
So far only Venezuela has called for a reduction in the official
output ceiling of the Organization of the Petroluem Exporting
Countries, which produces 40 percent of world crude.
OPEC kingpin Saudi Arabia has led calls for maintaining the ceiling
at 28.0 million barrels per day in the face of high crude prices,
which are seen as reflecting market concern over Tehran's nuclear
program and tension in Nigeria.
Analysts are concerned that Iran, the second-biggest producer
of crude in OPEC, might slash exports if it comes under UN sanctions
for its nuclear programme.
Meanwhile in Nigeria, Africa's biggest crude producer, attacks
by militants against oil installations has forced a 20.0-percent
cut to production.
On Tuesday, New York's main contract, light sweet crude for delivery
in April, added 28 cents to 62.69 dollars per barrel in electronic
deals.
In London, the price of Brent North Sea crude for April delivery
gained 43.0 cents to 62.77 dollars.
AFP
03 07 06
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© 2006 AFP. All rights reserved
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