Ali Rodriguez Opec President and Venezuela's Energy Ministry said Saturday to the news agencies that the U.S.decision to release the U.S.'s SPR or Strategic Petroleum Reserves "This will make the prices fall, will see Monday when the markets open, the results" "lower prices and take out a certain amount of speculation." Ali Rodriguez told members of the foreign press Saturday, reported Dow Jones.
"We understand their decision," Rodriguez said, adding that he welcomed the decision because it will hit and reduce speculation. Speculation adds $4 to $8 a barrel to the real price of a barrel, Rodriguez said.
Rodriguez said that he got a call from U.S. Secretary of Energy Bill Richardson just before the U.S. government announced its decision. Rodriguez added,that Richardson will visit Venezuela before the next extraordinary meeting of OPEC oil ministers in Vienna Nov. 12 to discuss world oil prices.
( peroleumworld )
By Elio Ohep
© 2000 Mena Report (www.menareport.com)
