OPEC to Review Output Levels

OPEC plans to review its current output levels at their June meeting in Caracas, according to the Venezuelan oil minister.

The Venezuelan oil minister was the only one to argue in favor of a production cut at the last OPEC meeting held in March in Austria. The group, however, decided to continue pumping at the current level, rather than cutting back.

Venezuela is the fifth largest oil exporter, and one of the group's proponents to keeping prices high and output low.