OPEC weighs special meeting if prices keep on falling

The Venezuelan Minister of Petroleum specified that no arrangement has been arrived yet as to the output quota

Ramírez fears that oil prices could edge lower to USD 35 (Photo: AFP)

EL UNIVERSAL

Thursday June 14, 2012 12:10 PM

The Organization of Petroleum Exporting Countries (OPEC) does not dismiss a special meeting in face of the "steady drop" of oil prices, Venezuela's Minister of Petroleum and Mining Rafael Ramírez said on Thursday in Vienna.

"Let us explore the issue of overproduction and the schemes that would trigger a special meeting," Ramírez told reporters in Vienna, shortly before the opening of the 161st Ministerial Meeting of the OPEC Conference, Efe cited.

He avowed that OPEC partners have not reached an agreement yet on the joint production quota of the 12 Member States, set at 30 million barrels per day (bpd) last December, but widely surpassed right now.

Fears prevail that an excessive supply may cause a collapse. Oil prices have slid from USD 128 in March to less than USD 100 lately.

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