OPEC should consider oil cut if needed: Venezuela

CARACAS (Reuters) – OPEC should consider an output cut at its upcoming meeting, if it were warranted by market circumstances, Venezuela Energy Minister Rafael Ramirez said on Friday, adding Venezuela could back such a cut.

“If a production cut were needed to stabilize the market, it would have to be considered,” he told reporters. When asked if Venezuela would support a cut he said “we would be willing to do that.”