Venezuela says no evidence oil price hurting demand

Oil price hawk and major exporter Venezuela said on Friday there is no evidence record crude values are hurting demand despite economists’ predictions the cost could dent demand and trigger a sharp price fall.

Venezuela’s oil minister Rafael Ramirez also reiterated to reporters the OPEC member’s position that oil markets are well-supplied and any decision on changing output levels should be taken at OPEC meetings.

Many analysts think oil prices, which closed above $140 a barrel on Friday, will hit at least $150 a barrel before they come down sharply.

Reuters