Venezuela Willing to Cut Oil Output

Venezuela Willing to Cut Oil Output
Venezuela Willing to Cut Oil Output

Venezuela is open to cut its production if other members of the OPEC decide to control supply amid a plunge in the prices of the commodity, IBTimes reported.

Venezuela’s Foreign Minister Rafael Ramirez said his country would make the proposal to limit supply and strengthen prices at the next meeting of OPEC members in Vienna on November 27, and he expects all members would support the proposal.

Asked which OPEC members would support a proposal aimed at strengthening prices, Ramirez said, “I hope all of them.”

Ramirez, who serves as Venezuela’s representative to the OPEC said cutting production could improve oil prices, adding that the fair price for a barrel of oil is $100.

The South American nation has been one of the largest affected by the recent decline in oil prices. It largely depends on oil revenues for its debt payments and social programs.

Industry experts expect the OPEC to agree on limiting production levels at the next meeting.

Although Venezuela is a founding member of OPEC, its pull has waned in recent years as production has flagged and it has shown little interest to join in previous production cuts.