Venezuela's Energy Minister Ali Rodriguez Araque said Wednesday during a radio interview, that OPEC ready to cut production by up to 1 million barrels per day if the price goes down below $22.
"If we observe that inventories remain high and prices low we will cut production," said Rodriguez.
Rodriguez added that a cold winter in the United States may keep the OPEC basket of cruds at above $22 a barrel.
"We foresee an output cut of 500,000 barrels per day, but if it is necessary we could cut up to one million barrels per day".
© 2000 Mena Report (www.menareport.com)
