Considering the billions of dollars involved, you've got to wonder whether someone is going to find a way to pick a fight with Venezuela soon.
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Venezuela warm to OPEC meet, but won't drop output
CARACAS, Feb 27 (Reuters) - Venezuela's Minister of Energy and Mines Erwin Arrieta said he was warm to the idea of an emergency meeting of OPEC members to discuss falling oil prices, but that Venezuela would not reduce its output.
''We won't reduce oil production by even one barrel,'' he told reporters at Miraflores presidential palace.
Arrieta said he had not yet received an official invitation to an emergency meeting of OPEC members floated Thursday by Indonesia, but that he would like any talks broadened to include non-OPEC oil producers as well.
''Venezuela would agree to such a meeting and also suggest the need to invite non-OPEC independent producers, such as Mexico, Russia, Norway, Egypt and Oman,'' he said.
Venezuela, long viewed as OPEC's largest quota buster, pumped a record 3.4 million barrels per day in February, over 700,000 barrels above its official quota.
OPEC linchpin Saudi Arabia has said it wants meaningful quota adherence from cartel members before it considers a variety of measures, including attending the proposed emergency meeting.
Arrieta said, ''There've been no official accusations of violating quotas.''
Venezuela plans to double output over the next ten years as part of a strategy to boost market share and stabilize revenues for the oil-dependent country, even if prices wobble.
''Venezuela is and remains my team, and I place its interests above those of OPEC,'' Arrieta said, reiterating that OPEC's quota system had run its course and no longer worked.
Asked if Venezuela would follow other OPEC members if they reduced output, as Indonesia has suggested, Arrieta said: ''If OPEC members reduce their production, others will simply take their place''.
''Venezuela is not going to loose-out knowing full well that everyone else is overproducing,'' he added. |
