Oil prices 'fair' at $100, says Venezuela

DOHA: Venezuelan Oil and Energy Minister Rafael Ramirez called on Thursday for higher oil prices, saying the world economy could support a "fair" rate of 100 dollars a barrel.

"We believe the fair price for oil has to be 100 dollars (a barrel) and we think the world economy will support this price," Ramirez told reporters in Doha where he is due to attend a meeting for gas suppliers.

Oil prices have stabilised at around 80 dollars a barrel for most of 2010, after crashing from a peak of 147 dollars in mid-2008 to just above 30 dollars in early 2009.

They were slightly lower in Asian trading on Thursday as the greenback strengthened but were supported by positive economic news from key regions and a cold weather snap in Europe.

New York's main contract, light sweet crude for January delivery, shed seven cents to 86.68 dollars per barrel in the afternoon. Brent North Sea crude for January delivery dipped 18 cents to 88.69 dollars.

Ramirez said gas producers meeting in the Qatari capital Doha would discuss "how to regulate the supplies" of gas, which he said should be linked to oil prices. "Gas prices and oil prices have to have some correlation," Ramirez said.