Venezuela will urge OPEC to hold oil output steady

Business Materials 30 August 2008 21:33 (UTC +04:00)

Venezuela is planning to ask OPEC to hold world oil production steady, keeping prices higher than they might be if output was ramped up, AP reported.

Oil Minister Rafael Ramirez says Venezuelan officials will urge an OPEC meeting next month to keep output unchanged as long as prices stay above US$100 a barrel.

Ramirez had previously said that Venezuela could ask the Organization of Petroleum Exporting Countries to cut production.

State media report that he said on Friday that a cut is not out of the question "if the prices continue to decline."