By Marianna Parraga
CARACAS (Reuters) - Venezuela wants OPEC to restore an oil price band, with a range of between $80 and $120 a barrel, to control global market volatility, Energy Minister Rafael Ramirez told Reuters.
The producer group in 2005 abandoned the band system, which made oil nations cut or increase output to keep prices within a $22 to $28 per barrel range that had been adopted in 2000.
"We need to restore the band system," Ramirez told Reuters late Tuesday. "It could be between $80 and $120 right now, that would be sufficiently wide to allow flexibility."
Ramirez, who is also head of Venezuela's state oil company PDVSA, said the fall in global crude prices was a threat to core projects around the world, including Brazil.
"If the situation (of price falls) continues, we are entering a risk zone. Anyone who enters into play like this in the oil market is shooting himself in the foot," he added.
(Writing by Andrew Cawthorne)
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