Venezuela sees no need for OPEC to hike output

QUITO, Jan 7 (Reuters) – Venezuelan Energy Minister Rafael Ramirez said on Monday there was no need for OPEC to increase oil output and he predicted prices would stay at around $100 per barrel due to high production costs and world economy worries.

“We don’t think it is necessary to increase output,” Ramirez told reporters during a visit to Ecuador’s capital, Quito, in reference to the cartel’s next meeting.


“We have enough oil in the market … we see current prices fair to producing nations.”

The Organization of Petroleum Exporting Countries meets next on Feb. 1 in Vienna.

He later told Reuters that the “times of cheap oil are over,” and that he expects world prices to stay at current levels or around $100 per barrel.

Reuters