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
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections