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Venezuela Wants OPEC to Maintain Output in December (Update2

Bloomberg.com -- By Steve Bodzin and Andres R. Martinez

Venezuela wants the Organization of Petroleum Exporting Countries to maintain production when the group meets in December, Oil Minister Rafael Ramirez said.

“For this meeting, Venezuela prefers to be cautious,” Ramirez said today in an interview in El Tigre, Venezuela. “The level of OPEC production has to be maintained.”

OPEC member nations will meet in December in Angola to discuss output quotas. They agreed last December to cut output by a record 4.2 million barrels a day after oil prices sank 70 percent from a record $147.27 a barrel in July 2008.

Oil has rallied 72 percent this year as investors use the commodity as a hedge against a weakening dollar and the global economy emerges from the deepest recession since the 1930s. The International E


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Submitted Oct 31, 2009 By: UncleCurt
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REPLIES (newest first)
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Champion Author Lexington

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Message Posted: Oct 31, 2009 6:10:44 AM

OPEC just wants it all - very high output and very high prices. Somehow they have missed the connection between very high prices and economic collapse so no one has money to buy their oil.
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Champion Author Lexington

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Message Posted: Oct 31, 2009 6:09:50 AM

OPEC just wants it all - very high output and very high prices. Somehow they have missed the connection between very high prices and economic collapse so no one has money to buy their oil.
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Champion Author New Hampshire

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Message Posted: Oct 31, 2009 6:00:59 AM

Make OPEC illegal .........
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Champion Author Kansas

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Message Posted: Oct 31, 2009 5:46:28 AM

OPEC- forever a thorn in our side....
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Champion Author Florida

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Message Posted: Oct 31, 2009 5:43:14 AM

Whose monitoring their output anyway. OPEC is the only one who cares how much their member countries pump & sell because they are each allocated a portion of expected sales.
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Champion Author Utah

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Message Posted: Oct 31, 2009 5:41:53 AM

They want to maximize their ripoff.
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Champion Author Illinois

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Message Posted: Oct 31, 2009 5:33:13 AM

Whatever they do they will follow the money trail
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Champion Author New Hampshire

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Message Posted: Oct 31, 2009 5:31:39 AM

This gets to be complicated. Lowering production to meet lessening demand means stable pricing. But then that results in excess capacity that can be sold under the table. Oil could become the world's biggest black market substance. And then what happens to pricing? When some countries tried 'official' exchange rates for their currency. Back door sales amounted to billions. Oil could mean trillions in off-the-books exchanges.
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Champion Author Florida

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Message Posted: Oct 31, 2009 5:24:17 AM

continue to conserve
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Champion Author Florida

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Message Posted: Oct 31, 2009 5:14:20 AM

You can be sure if Venezuela wants to maintain output instead of cutting, It's not to help the USA. Maybe to line their pockets better or help Iran they've budded up with now.
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Champion Author Honolulu

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Message Posted: Oct 31, 2009 5:06:40 AM

Price fixing
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Champion Author Michigan

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Message Posted: Oct 31, 2009 5:02:03 AM

if they would keep the price of oil down when they say that the economy is recovering and let it get fully recovered before they raise the price they would see the differance
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Champion Author Wisconsin

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Message Posted: Oct 31, 2009 5:00:37 AM

More manipulation at a higher level.
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Champion Author Florida

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Message Posted: Oct 31, 2009 4:45:03 AM

Supply is not the problem.
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Champion Author New Hampshire

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Message Posted: Oct 31, 2009 4:41:59 AM

They both should lower crude oil prices to alleviate the World Recession

.
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Champion Author Dallas

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Message Posted: Oct 31, 2009 4:33:41 AM

not surprising
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Champion Author Detroit

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Message Posted: Oct 31, 2009 4:32:21 AM

more of our money going to support dictators.
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Champion Author Columbus

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Message Posted: Oct 31, 2009 4:31:43 AM

Have to admit we need the output to be maintained or increased fr the USA.
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All-Star Author Ohio

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Message Posted: Oct 31, 2009 4:27:32 AM

Screw OPEC
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All-Star Author Houston

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Message Posted: Oct 31, 2009 4:21:42 AM

I don't like much that Venezuela has ever done but I do hope they convince OPEC to keep oil production up.
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Champion Author Oregon

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Message Posted: Oct 31, 2009 4:20:58 AM

Venezuela must really be missing all that money they were making last year, so are a lot of Americans.
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Champion Author Mississippi

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Message Posted: Oct 31, 2009 4:09:40 AM

Who cares what Venezuela wants? ;)
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Champion Author Riverside

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Message Posted: Oct 31, 2009 4:09:36 AM

They should cut production and we'll who's hurting.
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Champion Author Riverside

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Message Posted: Oct 31, 2009 4:02:29 AM

Venezuela wants the quotas to stay up so they can produce more oil than their quota and keep things smooth at home... We should send an "Arnold Veto Letter" to Chavez!
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All-Star Author Portland

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Message Posted: Oct 31, 2009 4:01:11 AM

Oil has rallied 72 percent this year !!!!!
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Champion Author Ohio

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Message Posted: Oct 31, 2009 3:59:04 AM

and the beat goes on and on and on !
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Champion Author North Carolina

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Message Posted: Oct 31, 2009 3:52:47 AM

Buy less pay less!
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Champion Author Arkansas

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Message Posted: Oct 31, 2009 3:48:44 AM

OK.
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Champion Author Toronto

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Message Posted: Oct 31, 2009 3:41:13 AM

sure it does.
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Champion Author Los Angeles

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Message Posted: Oct 31, 2009 3:27:41 AM

Venezuela needs more money
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Champion Author Omaha

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Message Posted: Oct 31, 2009 3:16:38 AM

They will not cut production getting over $75.00 a barell.
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Champion Author Houston

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Message Posted: Oct 31, 2009 3:05:09 AM

It doesn't really matter one way or the other, sooner or later the prices are going to fall.
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Champion Author Illinois

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Message Posted: Oct 31, 2009 2:54:00 AM

greed, that's all
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Champion Author California

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Message Posted: Oct 31, 2009 2:52:09 AM

From the article: "Oil has rallied 72 percent this year as investors use the commodity as a hedge against a weakening dollar and the global economy emerges from the deepest recession since the 1930s."

This is one of the many reasons to get us off of any oil from OPEC.
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Champion Author Utah

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Message Posted: Oct 31, 2009 2:48:19 AM

More BS.
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Champion Author Grand Rapids

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Message Posted: Oct 31, 2009 2:46:09 AM

They can add to production for all I care.
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Champion Author San Francisco

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Message Posted: Oct 31, 2009 2:42:02 AM

I am beginning to think the best thing for Venezuela would be no more Chavez who really wants all of this. He has not shared the profits with his people because it is still a semi-dictatorship. It should belong to all the people there and yes, that is a sort of communistic view but I have been to Venezuela, a very, very beautiful and very poor country with vast differences between the majority and the ricos.
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Champion Author Indiana

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Message Posted: Oct 31, 2009 2:40:23 AM

Who really cares what they want
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Champion Author Cincinnati

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Message Posted: Oct 31, 2009 2:34:27 AM

Drill here ,drill now.Tell OPEC to eat sand!
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