Alexa
  • Directory of Taiwan

Venezuela's Chavez says oil prices shouldn't dip below US$60 (euro47) a barrel

Venezuela's Chavez says oil prices shouldn't dip below US$60 (euro47) a barrel

Venezuelan President Hugo Chavez said international oil prices shouldn't dip below US$60 (euro47), adding that that his petroleum-rich country cut oil output by 50,000 barrels a day to boost falling prices.
"I told (Oil) Minister (Rafael) Ramirez, 'you announce that Venezuela is cutting 50,000 barrels a day because the price has fallen from US$65 (euro51.25),'" Chavez said late Tuesday.
"The price should not fall below US$60 (euro47.30)," Chavez added. "It's a fair price."
Venezuela _ the world's fifth-largest oil exporter _ voluntarily trimmed oil production as of Sunday, contributing to a 100,000 barrels a day cut by fellow OPEC member Nigeria.
The announcements by Venezuela and Nigeria did not affect oil prices, which fell for a third straight day on Wednesday after U.S. government data showed rising inventories of crude oil as refiners trimmed their output of motor fuels.
Light sweet crude for November delivery fell 13 cents to US$58.50 (euro46.10) a barrel on the New York Mercantile Exchange.
Venezuela is one of the leading price hawks with the Organization of Petroleum Exporting Countries, consistently arguing in favor of production cuts at the group's meetings.
Other OPEC member countries also appear to be concerned about the direction of prices.
Kuwaiti Oil Minister Ali Al Jarra Al Sabah said Wednesday that his country would consider voluntary cuts, depending on changes in oil prices.


Updated : 2021-05-09 21:51 GMT+08:00