Venezuelan Ramirez Claims Authorization

Venezuelan oil minister Rafael Ramirez said he was sure that OPEC should set a new quota ceiling, because now the cartel produces extra 2.5 million barrels per day above current limits, what is to be authorized.

"The production ceiling of OPEC countries is 23.5 million bpd, but there is unauthorized overproduction of more than 2.5 million bpd in the market. Our proposal is that this level should be officially recognized without any increase in real output".

OPEC will n discuss oil policy this week, on Thursday, June 3 in Beirut.