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Venezuela opposes oil price meeting

Venezuela's top oil official said there is no need for Opec to hold a special meeting to try to tame oil prices, saying prices are high in part due to the Libya conflict.

Oil Minister Rafael Ramirez said Venezuela does not agree with convening a special meeting of the Organisation of Petroleum Exporting Countries to address the issue.

Oil prices settled on Friday at 112.79 US dollars per barrel on the New York Mercantile Exchange.

Mr Ramirez said that "what should cease is the violence" in Libya.

Venezuelan President Hugo Chavez has criticised the intervention by US and European forces in Libya.

Mr Ramirez said "the international market can not ask for stability" when foreign powers are contributing to the region's destabilisation.

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