Venezuela to Propose OPEC Cuts If Oil Prices Fall, Chavez Says

Venezuelan President Hugo Chavez said his government would convene the Organization of Petroleum Exporting Countries and propose production cuts if oil prices fall.

Chavez, speaking on state television today on the last day of his campaigning before the Oct. 7 presidential election, said his country would negotiate with Russia and Norway in the event of a drop in oil prices. Chavez, who has been fighting cancer, said he “could not be better” and that he is feeling well.

To contact the reporter on this story: Jose Orozco in Caracas at jorozco8@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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