Bloomberg News

OPEC Members Must Cut Extra Production, Venezuela’s Ramirez Says

November 02, 2011

Nov. 2 (Bloomberg) -- Members of the Organization of Petroleum Exporting Countries who are producing above their mandated output quotas must cut oil production before discussing future decisions, Rafael Ramirez, Venezuelan Oil Minister said today.

Ramirez said that uncertainty over the future of the global economy has increased since the last OPEC meeting when member countries failed to reach a consensus.

“In the last meeting there weren’t conditions to agree on a production increase and we think the situation hasn’t changed,” Ramirez told reporters today in Caracas. “On the contrary, the uncertainty over the Euro zone and U.S. economies is increasing. The countries that placed extra oil production on the market need to withdraw that supply.”

To contact the reporter on this story: Nathan Crooks in Caracas at ncrooks@bloomberg.net

To contact the editor responsible for this story: Daniel Cancel at dcancel@bloomberg.net


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