OPEC production cut not ruled out by Venezuela

The Venezuelan delegation to the Organization of Petroleum Exporting Countries (OPEC) considers that a recent decline in oil prices 'is a proof' that the increase in crude oil prices until June was closely linked to speculation in future markets, rather than supply issues, said Minister of Energy and Oil Rafael Ramírez. 'We have always endorsed the position that there is no need to put more barrels in the market. It would be a mistake to flood the market with oil in order to build up inventories. This would provoke a collapse of prices,' Ramírez insisted. However, when Ramírez was asked about the possibility of discussing a cut in OPEC production during the meeting of the oil organization next September, the official replied that 'this is something we have to examine.' In recent months, the world's largest oil producers have heightened production.