CARACAS, March 8 - World oil prices will likely remain steady this year despite being below their "fair" value, Venezuela's finance minister, who is an ex-president of OPEC, said on Sunday.
Venezuela, one of the largest oil exporters to the United States, is a price hawk in OPEC and has said it could this month propose that the group cut supply to try to lift prices, which have been doggedly around $40 a barrel for weeks.
Only a few OPEC members have also called for a new OPEC cut even though prices are more than $100 a barrel below their high of last year.
Venezuela has budgeted this year for a price for its basket of crude of $60 a barrel.
But Finance Minister Ali Rodriguez acknowledged world oil prices were unlikely to move much in the short-term.
"I think that for this year the price will keep to current levels, maybe rise a little," he told local television.
But he added that world prices were likely to spike some time in the future if the price remained at current levels, which dissuade companies from investing to find and produce oil.
Venezuela, one of the largest oil exporters to the United States, is a price hawk in OPEC and has said it could this month propose that the group cut supply to try to lift prices, which have been doggedly around $40 a barrel for weeks.
Only a few OPEC members have also called for a new OPEC cut even though prices are more than $100 a barrel below their high of last year.
Venezuela has budgeted this year for a price for its basket of crude of $60 a barrel.
But Finance Minister Ali Rodriguez acknowledged world oil prices were unlikely to move much in the short-term.
"I think that for this year the price will keep to current levels, maybe rise a little," he told local television.
But he added that world prices were likely to spike some time in the future if the price remained at current levels, which dissuade companies from investing to find and produce oil.
