Alexa
  • Directory of Taiwan

Venezuela's oil minister says OPEC should maintain current production levels

Venezuela's oil minister says OPEC should maintain current production levels

The Organization of Petroleum Exporting Countries should maintain current oil production quotas because markets are sufficiently supplied, Venezuela's top energy official said Wednesday.
Oil Minister Rafael Ramirez, who also heads Venezuela's state-run oil company, called current prices "fair," saying "production should be left as it is" while international markets remain well-supplied.
The International Energy Agency has urged OPEC to raise oil output when it meets Sept. 11 in Vienna. The Paris-based organization, which tracks global supply and demand for oil, said in its last market report that world oil demand will probably outpace supply this winter.
The agency estimates that Venezuela was producing roughly 2.34 million barrels a day in July. But Ramirez said the South American country, an OPEC member, was producing 3.1 million barrels a day.


Updated : 2021-08-03 00:48 GMT+08:00