QUITO - Venezuelan Oil Minister Rafael Ramirez said on Saturday world oil stock levels were too high and that was 'a bad sign' as OPEC prepares to meet next week. He declined to say if he would support an OPEC output cut next week.
“The stock levels are too high and that’s a bad sign,” Ramirez told Reuters during a visit to Ecuador’s capital, Quito.
Analysts say it is unlikely the Organization of the Petroleum Exporting Countries will decide to cut production at its meeting on Thursday in Vienna as oil prices are starting to recover.
President Hugo Chavez said he was happy with the recovery of crude prices in recent weeks, adding they appeared to be heading towards levels seen in 2007, when the average price per barrel was about $70.
Oil rose above $60 a barrel this week as signs of an improving world economy raised hopes of increased demand for the commodity. In 2008, the global financial crisis dragged down oil prices from record highs of nearly $150 a barrel.
