OPEC has to be ready to cut if needed in March: Venezuela

Vienna (Platts)--30Jan2006

Venezuelan oil minister Rafael Ramirez said Monday that he was not
pushing for a crude output cut at Tuesday's OPEC meeting in Vienna, but that
the cartel needed to be prepared to reduce production if needed at its next
meeting in March.

     "Maybe at the next meeting we have to be ready to cut," Ramirez told
reporters in Vienna a day ahead of the OPEC talks. When asked if he thought
there was a need for any immediate action, he said: "Not at this meeting."

     The minister said he was concerned about the prospect of oil stocks
rising, "because it is very high."

     Comments from Ramirez and other ministers arriving in Vienna point to a
consensus emerging to leave output unchanged for the time being.

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