Venezuela sees 'fair' oil price at $80, says energy minister

Economic 'fundamentals' of oil supply and demand set a 'base price' or fair market value of $80 US a barrel, Venezuelan Energy Minister Rafael Ramirez Carreno said. The member of the Organization of Petroleum Exporting Countries blamed current $100-plus prices on a complicated stew of financial speculation, weakness in the United States economy and geopolitical anxieties over potential supply disruptions. OPEC sees the world oil market as in proper balance and requiring no action to increase production quotas, Carreno told a news conference at the World Heavy Oil Congress in Edmonton.