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Minister of Mines and Minerals will advise OPEC to increase oil price range
According to "Russian Oil and Gas News" on May 26, Venezuela's Minister of Energy and Mines Rafael Ramirez said today that he will recommend that the Organization of Petroleum Exporting Countries (OPEC) increase its preferred price range of $22-28 per barrel. It will also advise OPEC to focus on this issue at the next formal ministerial meeting to be held in Beirut on June 3. Ramirez made the above statement in an interview with reporters, but Ramirez did not disclose the clear price range he would recommend to OPEC. President Chavez of Venezuela said recently that crude oil prices should be raised to a price range of no less than $25-30/barrel. The crude oil price range has been used to guide OPEC’s crude oil production policy. However, the price of oil has been higher than US$28/barrel since last December, making the original crude oil price range has become meaningless.