TN PETRÓLEO

Venezuela will propose production cuts at the next OPEC meeting in September if oil prices continue to fall, Energy and Petroleum Minister Rafael Ramirez said Tuesday.


"If there is a trend or dynamic toward lower oil prices, Venezeula will consider the possibility of a cut in production. This is the position that we will take at the next OPEC meeting" in Vienna in September, Ramirez said in remarks released by the ministry.


The fall of oil prices by "more than $20 clearly shows that there has been speculation in the market," the minister said.


"The price must be maintained at a level close to $100, because the costs have increased," he said.


Oil prices fell to $112 a barrel after hitting record highs above $147 last month.