OPEC Will Probably Cut Output Again, Venezuela Says

By Steven Bodzin

Oct. 29 (Bloomberg) -- The Organization of Petroleum Exporting Countries will ``probably'' cut crude output quotas a second time to avoid the growth of inventories, Venezuelan Oil Minister Rafael Ramirez said in an interview on state television.

The producer group reduced its production target by 1.5 million barrels a day after meeting Oct. 24. Ramirez said the group would analyze the reaction of the oil market between that cut and a planned Dec. 17 meeting.

Crude oil for December delivery rose as much as $3.98, or 6.3 percent, to $66.71 a barrel on the New York Mercantile Exchange. It was at $64.57 a barrel at 10:22 a.m. Singapore time.

Venezuela plans to ship an average 470,000 barrels a day of oil to China next year, Ramirez also said.

To contact the reporter on this story: Steven Bodzin in Caracas at sbodzin@bloomberg.net.