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Venezuela says world oil market is well supplied

Thu May 15, 2008 7:30pm EDT

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CARACAS (Reuters) - Venezuelan President Hugo Chavez said the world oil market was well supplied despite record prices for crude.

Chavez also said Venezuela was respecting its OPEC output quota.

(Reporting by Brian Ellsworth; Writing by Frank Jack Daniel)

© Thomson Reuters 2008 All rights reserved

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