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LISBON - Opec should not increase oil production again after November, Venezuelan Energy Minister Rafael Ramirez said yesterday.
Opec agreed last month to a 500,000 barrels per day increase in output from November 1.
Ramirez also said at an energy conference in Lisbon that oil markets remained unstable and that prices were set to continue at current levels.
"We will have a price that remains close to where we are, and probably with a floor of US$60 and above," Ramirez said. "It remains unstable."
"No, no," he responded, when asked if there should be another output hike after November. Ramirez said oil supply was "more than sufficient" and that the price had been rising for reasons other than supply.
Oil hit a record high of US$83.90 a barrel on September 20 but has since eased slightly. US crude was down US$1, or 1.3 per cent, at US$79.24 a barrel yesterday after dropping US$1.42 the day before.
- Reuters
