OPEC to monitor US price impact – Venezuela oil min

CARACAS, Jan 25 (Reuters) – OPEC will monitor the impact on oil prices of a U.S. economic slowdown at its meeting next month, although it is premature to say if America’s problems will hurt crude values, Venezuela’s energy minister said on Friday.

The minister, Rafael Ramirez, also said OPEC should not agree to hike its output at the meeting in Vienna on Feb. 1. Turmoil in world markets meant there was too much uncertainty over where the world’s economies were heading for the export group to be able to take a clear decision, he said.


“Nevertheless, in the next meeting, OPEC will evaluate the possible (U.S.) impact on the energy market,” Ramirez told reporters.

Venezuela is a price hawk in OPEC and opposes the United States on everything from free trade to democracy despite being its No. 4 supplier of crude.

Many economists believe a slowdown in the United States will lower demand for oil and help reduce prices.

Reuters