The Secretary General for the Organization of Petroleum Exporting Countries said late Tuesday that oil markets are well supplied and that crude inventories remain "very high", Venezuela's government said.
"There is no shortage of oil in the market because inventories are very high," Abdalla Salem El-Badri said during a meeting with President Hugo Chavez, the Venezuelan information ministry said in a statement, citing El-Badri.
The OPEC representative referred to new record oil prices in Tuesday's trading session, during his meeting with the president. He also discussed Venezuela's oil production figures with Venezuela authorities.
El-Badri is expected to visit Ecuador after a three-day visit in Caracas.