The Organization of Petroleum Exporting Countries will act to avoid a crash in world oil prices, Venezuela's Energy Ministry Planning Director Clara Coro said in a televised interview at Televen TV Station, on Friday.
"OPEC will make the corrective actions that are needed to avoid a price crash," Coro said in the interview. "Right now, prices are very much inflated by non-economic factors," Coro said.
The OPEC price band is between $22 and $28 a barrel for a basket of selected OPEC cruds. "We hope to keep prices at the target range of $22 to $28 a barrel.
She added that "supply by non-OPEC producing nations will increase and oil from OPEC nations could be less required," "Market fundamentals dictated, that prices should remain within the band, Coro said. "A cut in oil production will depend on the market fundamentals, she also added.
By Elio Ohep
© 2000 Mena Report (www.menareport.com)