VOL. XL

No. 25

23-June-1997

OPEC

Venezuela's Giusti Calls For Scrapping Of OPEC Quota System

Mr. Luis Giusti, the President of Venezuela's national oil companyPetroleos de Venezuela, has called upon OPEC to scrap its system of restricting output infavor of increasing market share. Speaking to journalists in Caracas on 13 June, Dr.Giusti was quoted by Reuters as saying: "We have to ask ourselves who benefits(from the quota system). If prices rise, (OPEC) producers see some benefit from the...