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Venezuela seeking OPEC output cut of 500,000 bpd: minister
AFP
ABUJA
Petroleumworld.com 12 14 06Venezuela backs a further reduction in OPEC production of 500,000 barrels per day, Venezuelan Energy Minister Rafael Ramirez said Wednesday.
"Venezuela is calling for a cut in production of 500,000," he told reporters as he arrived for a meeting of the organisation on Thursday.
OPEC agreed in October to reduce its production by 1.2 million barrels per day to 26.3 million barrels per day to stem falling prices.
There is no consensus among OPEC members about whether a further reduction of the production target is needed, with Algeria, Nigeria and Iran seemingly in favour of a cut while Libya has been more circumspect.
Saudi Arabian Oil Minister Ali al-Nuaimi favours "a little more work to make the market even more stable", but it was unclear whether this meant more compliance to production limits or a further cut in the target.
The cut in October has helped to lift prices since, but analysts believe that actual OPEC production has been cut by far less than the target of 1.2 million barrels per day, with the real reduction estimated at between 500,000-800,000 barrels.
AFP 13 1441 GMT 12 06
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