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Ramirez ... shoring up support for output cut

Venezuela says Opec to 'increase coordination' in face of oil price fall

CARACAS, November 18, 2014

Venezuela's Foreign Minister Rafael Ramirez said the Organization of the Petroleum Exporting Countries will increase coordination in the face of the fall in oil prices, the South American government said in a statement, without elaborating.
 
The oil market is waiting to see whether Opec will agree a cut in production at its November 27 meeting to stem the roughly 30 per cent drop in oil prices since June.
 
"We will be united in terms of putting forth a common policy," said Ramirez, who until September was both oil minister and head of state oil company PDVSA.
 
Cash-strapped Venezuela has been pushing for a production cut to boost prices and help it cover its mounting debts, arrears and popular but expensive social programs.
 
Ramirez has been on a global tour of Opec and non-Opec nations to shore up support for an output cut. -- Reuters
 
 



Tags: Oil | Venezuela | Output |

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