Venezuela says crude markets well-supplied
World oil markets are well-supplied with petroleum inventories above average, Venezuela's Energy Minister Rafael Ramirez said.
Venezuela, a member of the Organisation of Petro-leum Exporting Countries (Opec), said last week that the oil-producer group is likely to keep its production levels stable when it meets in November in Saudi Arabia, despite US crude prices above $90 a barrel.
Officials from the US and China - the world's two largest oil consumers - have expressed concern that current crude prices are too high.
Ramirez also said Opec was likely to discuss a mixed currency basket for oil prices at its next summit.
Ramirez said Opec is likely to discuss creating a basket of currencies for oil pricing at its next summit due to the steady decline in the dollar.
"The need to establish a basket of currencies will probably be a point of discussion in the next Opec summit," Ramirez told reporters during an evening event in the presidential palace. "The dollar as a benchmark currency has been weakening quite a lot and it creates distortions in oil markets."
The group is slated to hold a summit of the heads of state of Opec nations in November and a meeting of ministerial delegates in December.
Ramirez added that world oil markets are well supplied, reiterating suggestions last week that Opec is not likely to hike output to calm record-high prices.
"We have enough oil in the market, the inventory levels are above the average of the last five years," he said.
Oil prices have soared in part because of a weakening dollar that tumbled in the wake of an interest rate cut by the US Federal Reserve.
On Friday, US crude topped $92 a barrel on the back of new US sanctions against Iran, renewed unrest in the oil-producing Niger delta along with the steadily weakening greenback. ( Gulf )