EL UNIVERSAL
CARACAS, Tuesday November 03, 2009 | Update
Venezuela does not support increase in OPEC's production quota
Delegates from more than 100 international oil companies are participating in the Third World Heavy Oil Congress held in the island of Margarita
Energy
The Venezuelan government "does not share" the position according to which the Organization of the Petroleum Exporting Countries (OPEC) should heighten production due to the increase of crude oil prices, as suggested by some member countries, said Rafael Ramírez, the Minister of Energy and Petroleum.
According to Venezuela's oil minister, the world oil business faces many risks and there is a lot of speculation in oil markets. Therefore, Venezuela will support a "cautious" position in the OPEC meeting to be held in Angola in December.
Delegates from more than 100 international oil companies are participating in the Third World Heavy Oil Congress held in the island of Margarita. The meeting was inaugurated on Tuesday by the Minister of Energy and Petroleum.
"We are going to change dramatically the market position regarding the availability of energy resources in the future," Ramírez said.
On the Cover
Domestic inflation stands at 1.7 percent
01:11 PM.
Economy.
Domestic inflation rate in Venezuela was 1.7 percent in January, at the same rate as in December 2009, despite currency devaluation at the start of the year decreed by President Hugo Chávez, a senior government source told Reuters on Tuesday.
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