OPEC could cut output again
VENEZUELA: Venezuelan President Hugo Chavez says OPEC could further
reduce oil production to boost low prices.
The Organization of Petroleum Exporting Countries has reduced output
by 4.2 million barrels per day since September through a series of
production cuts as the 13-member cartel seeks to bolster prices. Chavez
said OPEC could cut production by as much as 4 million barrels per day
if necessary. If OPEC must "cut four million more in production, we
cut," Chavez said during a Monday radio broadcast.
Venezuela announced this month that it was reducing output by 189,000
barrels per day under OPEC's cuts. Venezuela is currently producing
about 2.4 million barrels of oil a day, according to OPEC.
Caracas, Tuesday, AP |
