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Thursday, March 15, 2007

Venezuela' PDVSA open an oil Intelligence Office in Vienna

Venezuela oil company PDVSA will open an Oil Intelligence and Policy Office in Vienna, Austria, to evaluate the different scenarios linked with oil, a press release from PDVSA informed on Wednesday.

Venezuelan Energy and Oil Minister and PDVSA's president Rafael Ramirez said a greater emphasis on oil policy is now needed, oil producing countries need to reinforce their thoughts and share experiences, as do oil consuming nations.

Ramirez, also explained that inventories of crude oil and by-products have moved to lower levels than the highs of recent years, so prices have stabilized.

Ramirez reiterated the price for OPEC crude oil should not be under 54 dollars a barrel, since costs have increased more than 40 percent.

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