Middle East Economic Survey

VOL. XLIX

No 12

20-March-2006

OPEC

Venezuelas Ramirez Reiterates Call For 0.5Mn B/D OPEC Oil Output Cut

Venezuelan Energy Minister Rafael Ramirez said on 14 March that OPEC should have cut production by 500,000

b/d at its meeting in Vienna earlier in the month (MEES, 13 March). Our position based on the market is that we should have trimmed production. The market is behaving in a different way, affected by geopolitical factors to a great extent, Mr Ramirez said in...