Venezuela may not back an increase in OPEC oil production

OPEC member country Venezuela says it will not back an increase in OPEC oil production quotas despite a rise in world crude prices. Oil Minister Rafael Ramirez says that while oil prices have recovered to Venezuela’s year end goal of $70 a barrel, they are still volatile and must be stabilised.

Ramirez said in comments published by the state-run Bolivarian News Agency that world oil inventories must also be depleted before supply is increased. OPEC has cut crude oil output by a total of 4.2 million barrels per day since September 2008 to boost prices.

Benchmark light, sweet crude for December delivery was trading at $78.09 a barrel on the New York Mercantile Exchange on Tuesday.