18-08-05 Venezuelan Oil Minister Rafael Ramirez said that all oil producing countries are producing at capacity, there is not spare capacity.
"There is a production capacity that is at its limit in all oil-producing countries," said Ramirez. "There is an important decline in non-OPEC countries, in the North Sea there is a decline of at least 200,000 bpd," added Ramirez.

Ramirez made responsible for the present oil market-prices situation to the two-month oil strike in Venezuela that shut in output at Venezuela's oil fields for two months and created the conditions for the current price rally. Also, the war in Iraq too has responsibility for the record prices this year.
"The impact that the sabotage to our oil industry had on the oil market was probably a chain reaction that the (oil market) has not recovered from," said Ramirez.

Ramirez said the oil market situation make it easier for Venezuela to find new clients for its oil if the country decides not to sell anymore oil to the US.
"We are willing, within the concept of security and defence of the nation, to maintain our industry with or without the US," said Ramirez. However, most analysts said Venezuela will have difficulties selling its heavy grade of oil to refiners outside of the US, due to the sulphur content of its crudes.