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Commodities Buzz: Venezuela To Push For Current OPEC Oil Output Quotas

Capital Market/ 11:06 , May 27, 2013

Venezuela will push to maintain current oil-production quotas at next week's meeting of the Organization of Petroleum Exporting Countries in Vienna in order to hold the price of the commodity near $100 a barrel, Oil Minister Rafael Ramirez said Friday, according to media reports. Maintaining our commitment to 30 million barrels a day is something that we must do to defend our price, said Mr. Ramirez, who added that he was confident all OPEC members were in agreement with his government's target price.

Ramirez also noted that he was concerned by the effect that global gas production was having on the price of oil, Venezuela's main commodity. It's not just the US gas production but on a general world level, there is the equivalent of more than five million barrels and that is having an effect on the global market. That displaces oil as fuel and it's an issue that needs to be discussed, Mr. Ramirez said.

Venezuela's oil revenues account for roughly 94% of export earnings, more than 50% of federal budget revenues, and around 30% of gross domestic product of the country.

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