President Hugo Chavez said on Tuesday, that OPEC members have agreed to maintain the OPEC oil basket at $25 per barrel, and not a cent less.
Chavez's comments were made, at an inauguration of a CONOCO's Petrozuata crude oil facility in Jose, Venezuela and come four days before he leaves for a four-day trip to middle east OPEC country's of Saudi Arabia and Qatar.
Chavez will meet with King Fahd of Saudi Arabia, and with the Emir of Qatar, OPEC's influential members. Saudi Arabia, usually, supports prices in the middle of the price range and is one of OPEC's most moderate production cutters.
Venezuelan oil minister Alvaro Silva said that OPEC will evaluate how the U.S. economic slowdown affects oil demand before deciding whether to cut back production in its March ministers' meeting in Vienna .
© 2001 Mena Report (www.menareport.com )