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Venezuela to oppose oil output hike at OPEC meeting

Venezuela to oppose oil output hike at OPEC meeting

Venezuela plans to oppose any increase in crude oil output quotas during the upcoming Organization of Petroleum Exporting Countries meeting, Oil Minister Rafael Ramirez said Friday.
The South American nation believes international markets are already well supplied and will urge OPEC to leave current production levels unchanged, according to Ramirez.
"There are geopolitical factors that are pressuring prices," including U.S.-led wars in the Middle East and the threat of new violence in Nigeria, he said. "It's not a supply problem."
OPEC meets next week in Vienna to consider production levels. The prospect of a possible cut has helped a rise in oil prices, but most analysts expect OPEC to hold production steady because prices continue floating around US$100 (euro70) a barrel.
Under President Hugo Chavez, Venezuela has consistently been one of the oil cartel's strongest price hawks.