Venezuela sees oil prices staying at record levels in 2004
Caracas (Platts)--10Aug2004
Venezuela sees oil prices surpassing their current record highs in the coming months, with OPEC needing six months to boost its output capacity, Energy and Mines Minister Rafael Ramirez said Tuesday. "The market is on an upward trend," Ramirez told reporters at the Miraflores presidential palace in Caracas. He did not speculate how high prices could reach. Ramirez said OPEC is producing very close to its maximum output capacity and would need six months to bring more production online. Benchmark prices remain firmly over $40/bbl despite OPEC adding 2.5-mil b/d in production since Jul 1. The group is scheduled to meet in Vienna next month, where Venezuela is proposing an increase to the $22-$28/bbl price band mechanism.
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