Venezuela's oil minister Rafael Ramirez said Wednesday that if Yukos could not produce
Venezuela's oil minister Rafael Ramirez said Wednesday, if Yukos could not produce the expected volume, the market would continue to have problems.
He added that he could not guess whether OPEC could meet the crude supply shortages, caused by Russian oil giant Yukos? shipments halt.
Ramirez insisted that OPEC is quickly reaching its maximum production levels and he pointed out that rising oil prices are a direct result of the ongoing political uncertainty in the Middle East, particularly in Iraq.
Yukos produces as much oil a day as Iraq pumped last month - about 1.7 million barrels.
