Venezuela proposes oil cuts, calls for OPEC meeting

South American Petroleum producer Venezuela has called for an extraordinary meeting of the Organisation of Petroleum Exporting Countries (OPEC) to push for further production cuts to stall falling oil prices.

In October 2006, Venezuela, which pumps 2.5 million barrels of oil per day, had cut its daily production by 50,000 barrels, while Nigeria, which produces 3.8 million barrels a day had cutback about 120,000 barrels, in a bid to curb the decline in oil prices.

According to oil minister Rafael Ramirez, OPEC countries pump excess crude between 700,000 to a million barrels every day. In recent months OPEC oil ministers had agreed to a production cut of 1.7 million barrels per day. This includes a 500,000 barrel-a-day reduction due from February 1.

OPEC ministers are scheduled to meet next on March 15 in Vienna, Austria, but some members are considering further cuts before then.