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Venezuela: OPEC Not Planning Emergency Meeting
Topics:Venezuela | OPEC | Energy | Commodities
Sectors:Oil and Gas
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OPEC is not planning to hold an emergency meeting, Venezuela's oil minister said on Thursday, even as oil prices reached a record high of $124 per barrel.
Most of the cartel's member nations have said they do not plan to hold an extraordinary meeting in the coming months, and instead plan to wait until the next regularly scheduled meeting in September.
Asked if OPEC expected to hold such a meeting, Energy Minister Rafael Ramirez said "no" as he left a conference of South American energy ministers.
The United States and other consumer nations have repeatedly urged OPEC to increase output to cool prices.
But OPEC insists the current situation has little to do with supply and demand and that more oil will not bring prices down.
Copyright 2008 Reuters. Click for restrictions.
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