Venezuela's Energy and Petroleum Minister Rafael Ramirez said on Sunday that the United States' policy of aggression against Venezuela and Iran was responsible for high and volatile international oil prices.

Speaking at a press conference in Caracas, Ramirez said the fact that a standard barrel of oil now costs about 70 U.S. dollars was because the United States was harassing Venezuela and Iran, both members of the Organization of Petroleum Exporting Countries (OPEC).

Venezuela is the world's fifth largest oil producer and fourth largest oil exporter to the United States.

Venezuela's crude basket rose by 1.44 dollars in value last week, reaching 65.81 dollars, Ramirez said.

Meanwhile, Venezuela began to certify its international gas reserves last week in the hope that the certification will recognize its oil reserves as the world's biggest.

Source: Xinhua