Caracas (Platts)--14Feb2008

OPEC should cut crude production at its next meeting if the recent
buildup in US stocks continues, Venezuelan Oil Minister Rafael Ramirez said
Thursday.

"At first, we had a concern about the slowdown of the US economy, but now
we are seeing an out-of-season build up in inventories and if that continues,
yes, we would favor a reduction," Ramirez told reporters.

US crude stocks have posted a build for five straight weeks.

Ramirez said Venezuela is currently producing between 3.2 million b/d to
3.3 million b/d, but the Caracas figures are disputed by outside parties. A
Platts survey published earlier Thursday and the US Energy Information
Administration's monthly report out Tuesday pegged current Venezuelan output
at 2.4 million b/d.

OPEC meets on March 5 in Vienna.

--Carlos Camacho, newsdesk@platts.com