Venezuela will propose oil output cuts at the September meeting of the Organization of Petroleum Exporting Countries (OPEC) in case oil prices continue decreasing, Energy and Oil Minister Rafael Ramirez said Tuesday.
“The prices must be kept at a level near 100 U.S. dollars (per barrel), because the cost has risen,” Ramirez said in a press statement.
He also said the sudden fall of more than 20 dollars in world oil prices proves the speculation in the oil market.

Oil prices will continue to fluctuate during the coming weeks and OPEC should not allow the oil prices to collapse, the minister said.

The International Energy Agency estimated in June that the Venezuelan production in 2008 does not reach 2.5 million barrels per day, although Caracas says it produces 3.3 million barrels perday, 2.7 million of which are for export.

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