Venezuela backs production cut if oil prices keep falling: minister

0 Comments | AFP, August, 2008

CARACAS (AFP) — Venezuela will propose production cuts at the next OPEC meeting in September if oil prices continue to fall, Energy and Petroleum Minister Rafael Ramirez said Tuesday.

"If there is a trend or dynamic toward lower oil prices, Venezuela will consider the possibility of a cut in production. This is the position that we will take at the next OPEC meeting" in Vienna in September, Ramirez said in remarks released by the ministry.

The abrupt drop in oil prices by "more than 20 dollars clearly shows that there has been speculation in the market," the minister said.

"The price must be maintained at a level close to 100 dollars, because the costs have increased," he said.

Oil prices have dropped to about 112 dollars a barrel after hitting...