-EXCLUSIVE-No need for OPEC hike at meeting: Venezuela

Reuters ^ | Fri Nov 30, 2007 | Cesar Rico

[thackney]

CARACAS, Nov 30 (Reuters) - OPEC does not need to raise oil production at its upcoming Dec. 5 meeting because oil markets are well-supplied, Venezuela's oil minister, Rafael Ramirez, told Reuters on Friday.

"There is enough oil in the market," Ramirez said at a political rally in Caracas. "Venezuela's position (for) the next meeting is that it is not necessary to increase production."

Oil prices tumbled as low as $88.52 per barrel on Friday, close to 11 percent below the historic high of $99.29 last week, on worries about a possible recession in the United States and talk of a possible OPEC hike.

"I think the price of oil is fluctuating among other things because of the weak dollar, financial speculation ... and the housing crisis in the United States," he said.

Ramirez said OPEC's recent increase of 500,000 barrels per day has put enough oil on the market.

"The market is well-supplied and inventories are doing very well. We think OPEC has done what it needs to do ... and it would be an error to inundate the market with oil," he said.

Venezuelan President Hugo Chavez has proposed that OPEC offer low-cost oil to poor countries and stabilize oil prices around $100 per barrel, though the group did not include these proposals in its final statement at its last meeting.

(Writing by Brian Ellsworth; editing by Matthew Lewis)

[ChinaThreat]

Didn’t Rafael Ramirez play for the ATL Braves in the 80s?

Oh yeah, screw Chavez!!!! Someone needs to smoke that enchilada.

[BlabItGrabIt]

"There is enough oil in the market," Ramirez said at a political rally in Caracas. "Venezuela's position (for) the next meeting is that it is not necessary to increase production."

You mean with virtually any tanker that can hold crude are sitting in ports all over the world, with the crude being rebought when prices fall, and resold with the spikes after rebels and weather--that there might be no need to raise production!??? Hmmm

[vpintheak]

These SOB’s have us by the short hairs and they know it. When will a rat or a RINO support America and allow us to develope our own energy?

[thackney]

You mean with virtually any tanker that can hold crude are sitting in ports all over the world

B.S., Tankers continue to make deliveries and are not sitting idle. The volume of floating stocks is nearly unchanged.

Petroleum (Oil) Stocks, End of Period, 2003-2007
http://www.eia.doe.gov/emeu/ipsr/t23.xls

End Of Period Petroleum Stocks by Type
Most Recent Month, Last Four Quarters, and Last Two Years,
OECD Countries, OECD Regions, and Total OECD - from the International Energy Agency.
See Tables:
9.1 (Total Oil),
9.2 (Crude Oil, NGL (Natural Gas Liquids), and Refinery Feedstocks),
9.3 (Total Refined Petroleum Products),
9.4 (Total Gasoline),
9.5 (Middle Distillates), and
9.6 (Residual Fuel Oil).
http://www.iea.org/Textbase/stats/surveys/oilsurv.pdf

Stock Changes for Major Product Categories
Most Recent Month, OECD Countries, OECD Regions, and Total OECD -
from the International Energy Agency. See Table 10.
http://www.iea.org/Textbase/stats/surveys/oilsurv.pdf

Deliveries continue to be made to all our ports

Company Level Imports
http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/company_level_imports/current/data/import.xls

No other product is tracked worldwide like petroleum with data available to the public.

[ANGGAPO]

That will happen when we find someway to hold congresses feet to the fire. If they refuse to allow drilling because of the ninny objection and cracking plants because of the envirowackos there is little we can do.