Venezuela sees no further OPEC output change

The Organization of the Petroleum Exporting Countries has no further plans to alter production levels as oil prices remain outside of control of fundamental factors like supply and demand, Venezuelan Oil Minister Rafael Ramirez said on Saturday. "The price has been affected by speculation. The sitation is outside of control of the world fundamentals... There are no plans to alter production, there is not much we (OPEC) can do," Ramirez told reporters in Lisbon. Earlier this month the cartel announced an unexpected oil output cut to support oil prices, which had plunged to around $100 a barrel from July's record highs of $147, but are still much higher than a year ago. The group meets next on Dec.17. Venezuela's President Hugo Chavez has said he saw $100 per barrel as a fair price for oil, and Ramirez has previously said oil could stabilize around that level, but on Saturday he abstained from commenting on the price, currently around $106 for U.S. crude. Ramirez accompanied Chavez on his tour to China, Russia, France and Portugal this week. Asked about the possibility of Russia, with which Venezuela has developed close ties, joining OPEC, Ramirez said "they are more than welcome in OPEC". But he said that for now the oil cartel and the world's second-biggest crude exporter only wish to deepen cooperation. OPEC's last meeting in Vienna on Sept. 9-10 was attended by a large Russian delegation, headed by Deputy Prime Minister Igor Sechin, who is also the chairman of Russia's biggest crude producer, Rosneft.