Venezuela Declined U.S. Plea to Produce More Oil

Venezuela does not believe OPEC needs to increase output to tame high oil prices despite pressure from consumer nations, especially the United States, oil minister Rafael Ramirez told reporters on Monday.

Earlier on Monday, U.S. Energy Secretary Sam Bodman repeated his plea for more oil from top exporter Saudi Arabia. OPEC's has cautiously responded to Washington's requests so far.

Oil has fallen by more than 10 percent from a record high of $100.09 a barrel hit early this month, easing some of the pressure on OPEC to raise supplies, analysts said.