Venezuela's Minister of Energy & Minesl proposes OPEC increase its preferred price range
Rafael Ramirez, Venezuela's Minister of Energy & Mines said that he will propose OPEC increase its preferred price band of $22-$28 a barrel, and to discuss it on the meeting in Beirut on June 3.
Ramirez did not propose the specific price range.
According to Venezuelan President Hugo Chavez, the crude price should be lifted to not less than $25-$30 a barrel.
The band has guided OPEC's output policy but prices have surged way above $28 a barrel ever since December 2 last year, making it virtually meaningless.
