Venezuela says will to oppose oil production increase at OPEC meeting

Venezuela – Venezuela will oppose any increase in crude oil output quotas at the upcoming Organization of Petroleum Exporting Countries meeting in Vienna, the country's oil minister said Friday. Rafael Ramirez said Venezuelan delegates would urge OPEC to leave current production levels unchanged because international markets are already well supplied. “There are geopolitical factors that are pressuring prices,” including the U.S.-led war in Iraq and the threat of new violence in Nigeria, Ramirez said. “It's not a supply problem.”