The Organization of Petroleum Exporting Countries (OPEC) will consider a second output cut of one million barrels per day as of December, Venezuela's Energy and Oil Minister Rafael Ramirez said Thursday.
The world oil market is currently unstable and there has been a big decline in demand by around 900,000 barrels per day, Ramirez told state-owned TV, adding that the accumulated overproduction must be reduced.
He said OPEC members are ready to hold an emergency meeting at any moment if necessary.
OPEC Secretary-General Abdalla Salem El-Badri said Tuesday in London that the organization could hold a new emergency meeting before its next scheduled session in December if the price slide continued.
Meanwhile, Venezuelan President Hugo Chavez said during a recent visit to Ecuador that his country would support any additional OPEC production cut to stabilize crude oil prices.
At an extraordinary meeting in Vienna on Oct. 24, OPEC decided to cut oil output by 1.5 million barrels a day to address the nearly 55 percent decline in oil prices, which reached a record high of over 147 U.S. dollars per barrel in mid-July.
According to the agreement, Venezuela must cut production by 129,000 barrels per day. The country currently produces 3.24 million barrels of oil daily.
Source:Xinhua
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