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Oil prices fair, OPEC should maintain supply: Venezuelan oil minister |
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13:11, August 30, 2007 |
Venezuelan Oil Minister Rafael Ramirez Wednesday called on the Organization of Petroleum Exporting Countries (OPEC) to maintain current oil supply.
The minister considered oil prices fair and said markets remained well supplied.
Ramirez made the remarks after the Paris-based International Energy Agency (IEA) urged the oil exporters' club to increase supply when it meets on Sept. 11 in Vienna. The IEA estimated that oil demand in the world will rise faster than supply this winter.
The agency said OPEC member Venezuela produced 2.34 million barrels a day (bpd) in July. Ramirez said his country had produced 3.1 million bpd.
Source: Xinhua
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