Venezuela sees no reason to increase oil output in the face of record oil prices as the market is "perfectly well supplied," said Rafael Ramirez, the country's energy and oil minister.
The country, a member of the Organization of Petroleum Exporting Countries, is considering whether President Hugo Chavez will attend a meeting of producing and consuming nations that was proposed by Saudi Arabia, Ramirez told reporters at an event in Caracas today.

OPEC is inviting members, importing nations and bankers to a meeting June 22 in Jeddah to find a "solution" to oil prices, Secretary General Abdalla el-Badri said today. ... Read full article