Venezuela Says it Will Adhere to OPEC Cut

Caracas [<a href=www.riyadhdaily.com.sa>Riyadh Daily-AP]...................................

Venezuela will reduce its oil production if the Organization of Petroleum Exporting Countries decides to cut output by 1 million barrels a day as expected at its next meeting, the energy minister said Saturday. ‘Venezuela, together with other OPEC countries, will cut (oil production) if necessary,’ Rafael Ramirez told state news agency Venpres. +In this case we would be talking of an extra cut of 1 million barrels, of which 100,000 barrels corresponds to Venezuela.’

OPEC is planning a ministerial meeting in Doha, Qatar, on June 11 to reevaluate production quotas for each of its 10 member countries. The organization agreed in April to reduce oil output by 2 million barrels a day, setting a ceiling of 25.4 million barrels a day effective June 1. The target was up 900,000 barrels a day from the previous one, but to meet it OPEC had to cut actual production by 2 million barrels a day. Venezuela’s current OPEC quota is 2.81 million barrels a day but rises to 2.92 million barrels a day June 1.