Curtis Williams
OGJ Correspondent
PUERTA LA CRUZ, June 29 -- Venezuela said it will not support further increases in crude oil production and it will refuse to participate if fellow members of the Organization of Petroleum Exporting Countries ask it to increase production.
"I don't believe that we will participate in any way in this," said Venezuela's Minister of Energy and Mines Rafael Ramirez. "The issue is not about increasing production; that is our position. . .There are serious problems in refining, serious problems in speculation."
Ramirez contends that OPEC is nearing its production capacity, and that significant increases may not be possible, even if members want to lift current ceilings.
Ramirez made the statements to the media in Puerta La Cruz, Venezuela, where he and Caribbean energy ministers and heads of state are conducting talks on the formation of Petro Caribe, an energy coalition that would allow Caribbean countries to benefit from cheaper crude prices.