Venezuela to urge OPEC for more output cuts

Caracas, March 12 (EFE) Venezuela will urge for more production cuts at the upcoming meeting of the Organisation of the Petroleum Exporting Countries (OPEC) March 15 in Vienna, an official said Wednesday.

Angel Rodriguez, the chairman of the National Assembly's Energy and Mines Committee, said OPEC's supply-cut strategy has already produced some results but the oil price is still too low.

'It's important for the price to rise slowly and steadily' because the current range of $40-50 a barrel is slowing down investment in the oil sector, he said.

Rodriguez said the extraction of petroleum at sea was not profitable as the cost of offshore production amounts to $45 a barrel.

Regarding Saudi Arabia's possible opposition to a new supply cut, the legislator said that nation 'has cooperated in a significant way in the process (OPEC's oil output cuts) and supported revitalisation of the cartel'.

Venezuela's Economy Minister Ali Rodriguez earlier said that the country planned to push for more supply cuts.

Oil prices peaked at a record $147 per barrel last July, but plunged amid the global economic crisis that began in September. In December OPEC decided to slash output by 2.2 million barrels per day.

Venezuela has also reduced its oil output by 364,000 barrels per day in compliance with the OPEC's supply cuts.