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15

Venezuela Against Any Increase in Crude Output

Venezuela will oppose any increase in crude oil output quotas during the upcoming OPEC meeting

Venezuela will oppose any increase in crude oil output quotas, Venezuela's oil minister Rafael Ramirez said Sunday.

A key issue at the Dec. 5 meeting in Abu Dhabi will be a proposal to create a currency basket to price crude sold by all OPEC members, accroding to the Venezuela's oil minister.

"We don't see a need to increase oil production ... The market is well supplied," Ramirez said. "The basket of currencies is something we have pending and we will touch on that."