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Well-supplied: Venezuela's energy minister Rafael Ramirez and Opec secretary general Abdullah al-Badri agree on oil markets

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Venezuela agrees with Opec

Venezuela's Energy Minister Rafael Ramirez and Opec Secretary General Abdullah al-Badri agree oil markets are well-supplied, Venezuela's energy ministry said.

Badri, currently visiting Venezuela, met with Ramirez to discuss the situation of the international oil market and production by Opec member nations, agreeing current prices have nothing to do with oil production levels, said Reuters.

"Prices have risen substantially because of speculative problems, because of the devaluation of the dollar and global inflation," said Ramirez.

He said the US economy is in a "situation of crisis" that is affecting the dollar and boosting the price of oil as well as the price of food around the world.

"This has generated a situation in which financial actors are migrating to what are called futures contracts, which are considered safer than other investments."

Badri is slated to meet with Venezuelan President Hugo Chavez on Tuesday night.

Tomorrow he will travel to Ecuador, a small oil producer that recently rejoined Opec after dropping out in the 1990s.

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