Venezuela's Chavez: OPEC will make the necessary cuts and oil prices should stabilize

Published December 11th, 2000 - 02:00 GMT

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  

(petroleumworld)  

 

© 2000 Mena Report (www.menareport.com)

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