UPDATE 3-Venezuela willing to cut oil output along with OPEC -minister

jueves 20 de noviembre de 2014 19:45 GYT
 

(Adds comments on Algeria)

By Corina Pons

CARACAS Nov 20 (Reuters) - Venezuela would be willing to cut its own oil production if OPEC decides to limit output when it meets on Nov. 27, Foreign Minister Rafael Ramirez said on Thursday.

Ramirez, who was until recently oil minister and president of state oil company PDVSA, declined to say what specific proposal Venezuela planned to take to the Organization of the Petroleum Exporting Countries meeting in Vienna.

Asked which OPEC members would support a proposal aimed at strengthening prices, Ramirez said: "I hope all of them."

Chances have risen that OPEC will agree to reduce production, according to oil industry analysts, citing delegates with the producer group.

Ramirez, who serves as Venezuela's representative to the group, just returned from a trip to OPEC and non- OPEC countries Mexico, Iran, Algeria, Qatar, and Russia to shore up support.

Financially strained Venezuela is pushing for higher prices to help it pay mounting arrears with private companies, debt payments and popular but pricey social programs.

Although Venezuela is a founding member of OPEC, the South American country's pull has waned in recent years as production has flagged and it has shown little willingness to join in previous production cuts.   Continuación...