Venezuela Official Comments on OPEC: “Venezuela’s Oil Minister Says OPEC Running Out of Spare Production Capacity

CARACAS, Venezuela (AP) — The Organization of Petroleum Exporting Countries is running out of spare production capacity, Venezuelan Oil Minister Rafael Ramirez said Tuesday.

‘OPEC’s production capacity is reaching its limit,’ Ramirez told reporters, adding that it is too early for OPEC to decide on a possible half-million barrel per day production increase.”