Venezuela president wants new oil giants organisation

06 October 2011 23:27  [Source: ICIS news]

CARACAS (ICIS)--Venezuela President Hugo Chavez said on Thursday he wants to create a new organisation that reunites four or five “giants” among oil-producing countries.

“We are no more than four or five” countries that dominate oil production, said Chavez during a televised speech after meeting with Russia deputy Prime Minister Igor Sechin, who was in Venezuela for a week-long state visit.

Chavez said such an organisation would "add balance" to the oil market.

However, Chavez promised that Venezuela would remain a member of OPEC, the largest existing oil producers’ organisation, which includes 12 countries.

With some 2.9m bbl/day a day in production, Venezuela is home to a large oil and petrochemical industry.

By Carlos Camacho

By: Staff Reporter
+44 20 8652 3214

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