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Chavez volleys to cut oil production at OPEC meeting,
June 1. 2006
Though Qatar’s oil minister, Abdullah al-Atiyajh, has said that no action will be taken until the next meeting in September, Venezeuelan president Hugo Chavez volleyed to cut oil production and raise the price of oil, his reasons being a surplus of cheap oil and a desire to have OPEC be, as he puts it, “an anti-colonial organization.” Hugo Chavez has also ruled to expand OPEC membership to Bolivia, who under Socialist president Evo Morales, recently nationalized their natural gas industry, the second largest in South America, as well as push to have Peru, a member from 1973-1992, rejoin the organization. Iran’s oil minister Sayed Kazem, on the other hand, blamed US threats against the Iranian nuclear program as being responsible for the high prices of oil.
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