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Venezuela: OPEC oil production should hold steady

Venezuela won't support OPEC oil production hike despite rising prices for crude

  • On 12:55 pm EST, Tuesday November 3, 2009

CARACAS, Venezuela (AP) -- Venezuela says it will not back an increase in OPEC oil production quotas despite a rise in world crude prices.

Oil Minister Rafael Ramirez says that while prices have recovered to Venezuela's year-end goal of $70 a barrel, they are still volatile and must be stabilized.

Ramirez said in comments published by the state-run Bolivarian News Agency that world oil inventories must also be depleted before supply is increased.

The Organization of Petroleum Exporting Countries has cut production by a total of 4.2 million barrels per day since September 2008 to boost prices.

Benchmark light, sweet crude for December delivery was trading at $78.09 a barrel on the New York Mercantile Exchange on Tuesday.

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