Oil – Markets Are Oversupplied
Venezuela’s Oil Minister Rafael Ramirez said Sunday in Quito that world oil markets are currently oversupplied.
Ramirez said to reporters that he is worried about high oil inventories, but it is too early to decided whether the Organization of Petroleum Exporting Countries needs to cut production.
Meanwhile, President Hugo Chavez said at a press conference in Quito late Saturday that he is satisfied with the recovery of crude prices in recent weeks.
Venezuela’s Finance Minister, Ali Rodriguez, said OPEC is seeking an oil price of $70 a barrel to maintain new investments in the oil industry.
OPEC member will meet on May 28 in Vienna
Ecuadorian Oil and Mining Minister Derlis Palacios has said that OPEC will meet to review compliance with production quotas and analyze crude oil prices and policies for 2010.
OPEC said earlier this month that the group’s 11 quota-bound members had raised production in April by around 200,000 barrels a day, the first rise in nine months. Most of that increase was driven by Angola, Iran and Venezuela, according to OPEC data.
The price of OPEC’s basket of twelve crudes stood at $58.32 a barrel last Thursday, compared with $58.47 the previous day, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran) , Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light ( Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
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