Target Band a Farce»

According to Venezuelan oil minister Rafael Ramirez, OPEC should consider revising its preferred $22-28 a barrel target price band upward if market conditions require such an action.

"Venezuela has always been a big defender of fair prices for oil, and probably the moment is coming to revise the band upwards," Ramirez told reporters at a press conference.

Venezuela will make this proposal at the upcoming OPEC meeting on March 31 in Vienna.