Venezuela Still Backs Overall OPEC Output Cut

<a href=www.quicken.com>Dow Jones Tuesday, April 15, 2003 09:42 AM ET     CARACAS (Dow Jones)--Organization of Petroleum Exporting Countries member Venezuela wants to keep pumping as much oil as possible even if, as expected, the group reduces output to bolster sagging world prices, a senior Venezuelan Oil Ministry official said Tuesday.

"We need to recover what we've lost but that doesn't mean we don't support OPEC's intention to stabilize the market," the official told Dow Jones Newswires on the condition of anonymity.

But " Venezuela has every intention to return to its quota as soon as lost revenue has been made up," the official said.

Venezuela's government claims output has now topped 3.1 million barrels per day - versus its current OPEC quota of about 2.8 million b/d - after being down as low as 150,000 b/d after a general strike that began Dec. 2 all but shut the vital oil industry. The government has said it lost about $7 billion due to the strike.

Former managers at state oil company Petroleos de Venezuela SA have put production at closer to 2.6 million b/d.

OPEC members are expected to meet April 24 in Vienna to decide whether to cut production.

-By Jehan Senaratna; Dow Jones Newswires; 58212 564 1339; jehan.senaratna@ dowjones.com