CARACAS, Venezuela (AP) — Venezuela's energy minister said Tuesday that OPEC shouldn't intervene to lower oil prices, which he said will come down only if military actions such as NATO airstrikes in Libya cease.
Energy Minister Rafael Ramirez echoed President Hugo Chavez's opposition to the strikes in Libya while announcing the financial results of state oil company Petroleos de Venezuela SA.
Ramirez said net earnings declined to about $3.2 billion in 2010 from $4.4 billion a year earlier. The decline came despite higher revenues.
Ramirez said current world oil prices are fair. As for concerns about instability in the oil market, he said: "Well, stop the bombings against …
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