Rafael Ramirez Market Quotations

The market looks well supplied, in fact oversupplied, by 2 million barrels a day. We believe OPEC has to be ready to cut, maybe now in this meeting, maybe at the next meeting.

The market is overstressed ... this means we have to cut around 500 000 barrels a day.

The ceiling will be maintained the same and we will offer the market what Opec can produce,

I think it has to be evaluated. There is an important volume from the Gulf that has still not entered the market and that could impact the market and probably OPEC will have to discuss a cut in production,

We are removing two million barrels a day from the market and we will make it clear that this is the first step to another possible reduction,