OPEC Must Consider Cutting Output, Venezuela Says (Update2)

[bemildred]

Jan. 30 (Bloomberg) -- OPEC must consider cutting production in the second quarter because the oil market looks ``over supplied,'' Venezuela's Energy Minister said, putting him at odds with officials including Saudi Arabia's Ali al-Naimi.

Global supply will outweigh demand by 2 million barrels a day in the period, Rafael Ramirez told reporters today in Vienna, where members of the Organization of Petroleum Exporting Countries meet to decide on output rates. OPEC shouldn't reduce production at tomorrow's gathering, al-Naimi said yesterday.

OPEC is pumping almost as much as it can to fill a widening gap between production from non-OPEC countries, which stagnated last year, and rising demand. Political concerns, such as tensions over Iran's nuclear research program, are adding to the price of oil, which last week rose as high as $69.20 a barrel in New York, the highest in more than four months.

``We have to be ready to cut,'' Ramirez said. ``If the U.S. insists on putting pressure on Iran, the price will be maintained.''

Bloomberg

[pdurod1]

1. Come on... Oil Execs gota have their depends in a wad on this report

hey, 25 cents a gallon whooooieeee, or UUUUrahhh. And I just spent an hour reading up on E85

http://en.wikipedia.org/wiki/E85

[the other one]

2. Venezuala ALWAYS says that. n/t