Venezuela's Chavez: OPEC will make the necessary cuts and oil prices should stabilize
Venezuelan President Hugo Chavez said Sunday in a his Sunday television program that if needed OPEC will make a decrease in production by one million barrels a day to avoid a price crash.
"If all, the heads of state of OPEC, think it's necessary to cut oil production by one million barrels a day, we will do so," Chavez said.
He added that with band price system , a price crash as in early 1999 is "very unlikely." The prices should stabilize within the target range of $22 to $28 a barrel.
By Elio Ohep
© 2000 Mena Report (www.menareport.com)