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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)

Petrock Champion Author Lexington Posts:4,223 Points:1,564,880 Joined:Apr 2005	Message Posted: Oct 31, 2009 6:10:44 AM Ignore Petrock Report Abuse 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.
Petrock Champion Author Lexington Posts:4,223 Points:1,564,880 Joined:Apr 2005	Message Posted: Oct 31, 2009 6:09:50 AM Ignore Petrock Report Abuse 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.
Hunter724 Champion Author New Hampshire Posts:3,015 Points:631,595 Joined:Sep 2008	Message Posted: Oct 31, 2009 6:00:59 AM Ignore Hunter724 Report Abuse Make OPEC illegal .........
harleydoctor Champion Author Kansas Posts:2,298 Points:926,805 Joined:Sep 2005	Message Posted: Oct 31, 2009 5:46:28 AM Ignore harleydoctor Report Abuse OPEC- forever a thorn in our side....
TIGERPAW46 Champion Author Florida Posts:2,593 Points:490,690 Joined:Mar 2004	Message Posted: Oct 31, 2009 5:43:14 AM Ignore TIGERPAW46 Report Abuse 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.
jimraehl Champion Author Utah Posts:1,987 Points:631,015 Joined:Sep 2008	Message Posted: Oct 31, 2009 5:41:53 AM Ignore jimraehl Report Abuse They want to maximize their ripoff.
ILVET Champion Author Illinois Posts:9,709 Points:1,925,995 Joined:Jan 2005	Message Posted: Oct 31, 2009 5:33:13 AM Ignore ILVET Report Abuse Whatever they do they will follow the money trail
granitestater Champion Author New Hampshire Posts:3,898 Points:599,900 Joined:Oct 2008	Message Posted: Oct 31, 2009 5:31:39 AM Ignore granitestater Report Abuse 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.
TIGERPAW46 Champion Author Florida Posts:2,593 Points:490,690 Joined:Mar 2004	Message Posted: Oct 31, 2009 5:14:20 AM Ignore TIGERPAW46 Report Abuse 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.
hwnguy Champion Author Honolulu Posts:2,870 Points:615,710 Joined:Apr 2008	Message Posted: Oct 31, 2009 5:06:40 AM Ignore hwnguy Report Abuse Price fixing
twobroke61 Champion Author Michigan Posts:3,251 Points:583,760 Joined:Sep 2008	Message Posted: Oct 31, 2009 5:02:03 AM Ignore twobroke61 Report Abuse 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
hybridaholic Champion Author Wisconsin Posts:3,153 Points:555,235 Joined:Dec 2008	Message Posted: Oct 31, 2009 5:00:37 AM Ignore hybridaholic Report Abuse More manipulation at a higher level.
rtw777 Champion Author Florida Posts:4,217 Points:826,325 Joined:Jan 2008	Message Posted: Oct 31, 2009 4:45:03 AM Ignore rtw777 Report Abuse Supply is not the problem.
MidnightSun Champion Author New Hampshire Posts:13,372 Points:561,520 Joined:Nov 2007	Message Posted: Oct 31, 2009 4:41:59 AM Ignore MidnightSun Report Abuse They both should lower crude oil prices to alleviate the World Recession .
ThatHunt Champion Author Dallas Posts:2,428 Points:1,189,505 Joined:Jul 2006	Message Posted: Oct 31, 2009 4:33:41 AM Ignore ThatHunt Report Abuse not surprising
katmandue Champion Author Detroit Posts:2,964 Points:1,135,080 Joined:Jul 2006	Message Posted: Oct 31, 2009 4:32:21 AM Ignore katmandue Report Abuse more of our money going to support dictators.
jackson661 Champion Author Columbus Posts:1,666 Points:539,550 Joined:May 2006	Message Posted: Oct 31, 2009 4:31:43 AM Ignore jackson661 Report Abuse Have to admit we need the output to be maintained or increased fr the USA.
computernut2008 Champion Author Ohio Posts:1,475 Points:364,270 Joined:Oct 2008	Message Posted: Oct 31, 2009 4:27:32 AM Ignore computernut2008 Report Abuse Screw OPEC
comprof Champion Author Houston Posts:1,587 Points:351,700 Joined:Jul 2009	Message Posted: Oct 31, 2009 4:21:42 AM Ignore comprof Report Abuse I don't like much that Venezuela has ever done but I do hope they convince OPEC to keep oil production up.
EXTREMESNOW Champion Author Medford Posts:4,321 Points:913,160 Joined:Jul 2006	Message Posted: Oct 31, 2009 4:20:58 AM Ignore EXTREMESNOW Report Abuse Venezuela must really be missing all that money they were making last year, so are a lot of Americans.
nedthenanite Champion Author Mississippi Posts:3,853 Points:744,710 Joined:May 2008	Message Posted: Oct 31, 2009 4:09:40 AM Ignore nedthenanite Report Abuse Who cares what Venezuela wants? ;)
ED6 Champion Author Riverside Posts:4,963 Points:965,010 Joined:Jul 2007	Message Posted: Oct 31, 2009 4:09:36 AM Ignore ED6 Report Abuse They should cut production and we'll who's hurting.
w4kh Champion Author Riverside Posts:6,676 Points:1,238,870 Joined:May 2004	Message Posted: Oct 31, 2009 4:02:29 AM Ignore w4kh Report Abuse 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!
sosgas All-Star Author Portland Posts:522 Points:247,130 Joined:Feb 2009	Message Posted: Oct 31, 2009 4:01:11 AM Ignore sosgas Report Abuse Oil has rallied 72 percent this year !!!!!
vulcan96 Champion Author Ohio Posts:17,681 Points:2,090,495 Joined:Aug 2004	Message Posted: Oct 31, 2009 3:59:04 AM Ignore vulcan96 Report Abuse and the beat goes on and on and on !
saveongasNC Champion Author North Carolina Posts:3,225 Points:694,310 Joined:Aug 2008	Message Posted: Oct 31, 2009 3:52:47 AM Ignore saveongasNC Report Abuse Buy less pay less!
snappyray09 Champion Author Arkansas Posts:2,617 Points:323,420 Joined:Sep 2009	Message Posted: Oct 31, 2009 3:48:44 AM Ignore snappyray09 Report Abuse OK.
Dancin Champion Author Toronto Posts:4,124 Points:1,753,280 Joined:Mar 2004	Message Posted: Oct 31, 2009 3:41:13 AM Ignore Dancin Report Abuse sure it does.
findcheap Champion Author Los Angeles Posts:4,473 Points:996,040 Joined:Apr 2007	Message Posted: Oct 31, 2009 3:27:41 AM Ignore findcheap Report Abuse Venezuela needs more money
gass12 Champion Author Omaha Posts:3,424 Points:1,302,940 Joined:Oct 2005	Message Posted: Oct 31, 2009 3:16:38 AM Ignore gass12 Report Abuse They will not cut production getting over $75.00 a barell.
PetroScopper Champion Author Houston Posts:2,089 Points:567,120 Joined:Aug 2008	Message Posted: Oct 31, 2009 3:05:09 AM Ignore PetroScopper Report Abuse It doesn't really matter one way or the other, sooner or later the prices are going to fall.
grouch311 Champion Author Illinois Posts:3,864 Points:637,580 Joined:Jun 2007	Message Posted: Oct 31, 2009 2:54:00 AM Ignore grouch311 Report Abuse greed, that's all
jcurley Champion Author California Posts:3,249 Points:801,310 Joined:Dec 2007	Message Posted: Oct 31, 2009 2:52:09 AM Ignore jcurley Report Abuse 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.
speedys Champion Author Utah Posts:1,901 Points:1,544,470 Joined:Nov 2005	Message Posted: Oct 31, 2009 2:48:19 AM Ignore speedys Report Abuse More BS.
ItsMorph Champion Author Grand Rapids Posts:26,479 Points:2,172,135 Joined:Mar 2004	Message Posted: Oct 31, 2009 2:46:09 AM Ignore ItsMorph Report Abuse They can add to production for all I care.
IamWhoIam Champion Author San Francisco Posts:11,504 Points:1,161,855 Joined:Jan 2007	Message Posted: Oct 31, 2009 2:42:02 AM Ignore IamWhoIam Report Abuse 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.
spike1zz Champion Author Indiana Posts:4,740 Points:607,970 Joined:Oct 2008	Message Posted: Oct 31, 2009 2:40:23 AM Ignore spike1zz Report Abuse Who really cares what they want
BigDogOH Champion Author Cincinnati Posts:3,377 Points:798,640 Joined:Mar 2008	Message Posted: Oct 31, 2009 2:34:27 AM Ignore BigDogOH Report Abuse Drill here ,drill now.Tell OPEC to eat sand!