OPEC members agree that their production target will remain unchanged after a meeting in Vienna Friday, Venezuelan Oil Minister Rafael Ramirez told reporters in Austria’s capital Thursday.
“We have always maintained a position basically to keep the price at a minimum of $100” a barrel, he said. “How to keep there is another theme. There are countries that are over- producing, we think by about 1.5 million barrels a day to 2 million barrels a day.”
Some countries need to reign in production, he said. Geopolitics will be on the agenda at tomorrow’s meeting, because “tensions” are boosting prices, he said.
“What has been done in North Africa is a disaster,” Ramirez said, referring to events in Libya and Egypt.