Venezuela will support any additional output cut by OPEC: Chavez
29/10/2008 17:16
Venezuela will support any additional OPEC production cut to stabilize
crude oil prices, visiting Venezuelan President Hugo Chavez said in Quito
yesterday.
Chavez made the remarks following a meeting with Ecuadoran
President Rafael Correa.
"We would agree with new production cuts until the
price stabilizes. If we had to cut another million barrels per day we would not
have a problem," Chavez told reporters.
The Organization of Petroleum
Exporting Countries (OPEC) agreed in Vienna last Friday to cut oil output by 1.5
million barrels a day with an aim to address the slide of oil prices over past
months.
OPEC Secretary General Abdalla Salem El-Badri said yesterday in
London that the organization could hold a new emergency meeting before its next
scheduled session in December if the problem continued.
New York's main
contract, light sweet crude for December delivery closed at US$62.73 a barrel
yesterday, while in London, Brent North Sea crude for December settled at
US$60.29.
Oil-exporters Venezuela and Ecuador have both suffered from the
slide in prices.
Xinhua
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