QUITO - Oil markets are currently oversupplied, but it is still too early to decide whether OPEC needs to cut production at its next meeting, Venezuelan Oil Minister Rafael Ramirez said on Sunday.
He said OPEC's objective is to see oil prices at around $60 per barrel this year and at $70 per barrel next year.
Ecuadorean Oil Minister Derlis Palacios said later he saw no need for OPEC to cut output as world oil prices start to stabilize.
"I don't think it is necessary. Markets are more stable," Palacios told reporters.
OPEC members Saudi Arabia and Libya have said they believe oil prices will keep rising to eventually hit $75 a barrel, but acknowledged the weak world economy is keeping demand down.
Libya said oil demand could rise by the third quarter if the U.S. economy recovers, but top oil producer Saudi Arabia fretted about weak demand outside Asia as it urged the Organization of the Petroleum Exporting Countries to "stay the course" before its meeting.
OPEC members are planning to meet on May 28 when analysts expect the group to keep production unchanged.
He said OPEC's objective is to see oil prices at around $60 per barrel this year and at $70 per barrel next year.
Ecuadorean Oil Minister Derlis Palacios said later he saw no need for OPEC to cut output as world oil prices start to stabilize.
"I don't think it is necessary. Markets are more stable," Palacios told reporters.
OPEC members Saudi Arabia and Libya have said they believe oil prices will keep rising to eventually hit $75 a barrel, but acknowledged the weak world economy is keeping demand down.
Libya said oil demand could rise by the third quarter if the U.S. economy recovers, but top oil producer Saudi Arabia fretted about weak demand outside Asia as it urged the Organization of the Petroleum Exporting Countries to "stay the course" before its meeting.
OPEC members are planning to meet on May 28 when analysts expect the group to keep production unchanged.
