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. Last Updated: 07/27/2016

Caracas Oil Stays Flat

CARACAS, Venezuela -- Venezuelan President Hugo Chavez said Tuesday that his country, the world's third largest oil exporter, would not increase its production to lower international prices which have caused concern among consumer nations.

His comments came the day after OPEC linchpin Saudi Arabia surprised other cartel members with a proposal to increase production by 500,000 barrels a day to calm runaway prices. Venezuelan Energy and Mines Minister Ali Rodriguez is currently OPEC president.

Chavez said he had spoken with Saudi Arabia's King Fahd earlier Tuesday, and reminded him of their duty to bolster the Organization of Petroleum Exporting Countries.