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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Venezuela tells India's ONGC it must cut output Reuters - 44 minutes ago By Nidhi Verma NEW DELHI, Dec 30 - Venezuela has told India's Oil and Natural Gas Corp <ONGC.BO> it will have to reduce output from their San Cristobal oilfield joint venture after OPEC this month agreed to cut production, an ONGC source said on Tuesday. The informal notification, expected to be followed by a detailed notice within a week, is the first outward sign of OPEC member Venezuela enforcing its share of the group's 2.2 million barrels per day output cut agreed two weeks ago. Saudi Arabia and the UAE have already informed customers of deeper export limits. "They have said we have to cut production. By how much...is not known to us. It will come shortly. But they have informed us," an official at ONGC Videsh, the Indian firm's overseas investment arm, told Reuters. Oil prices <CLc1> slightly trimmed earlier losses after the news on Tuesday, but were still down 44 cents at $39.58 a barrel by 1111 GMT, ending a two-day rally and still struggling to put a floor under the collapse from a record $147 six months ago. The source, who declined to be named because of company policy, said some form of formal communication was expected to reach ONGC in a week's time. A spokeswoman for ONGC Videsh declined to comment on the issue. While the 30,000 to 35,000 bpd field is tiny compared with Venezuela's overall production, the step is important as some analysts had questioned whether OPEC members such as Venezuela and Iran -- which need to maximise oil revenues to balance their budgets -- would fully comply with the restraints. Venezuela, which has historically pumped consistently in excess of its OPEC production limits, is due to cut output by about 350,000 bpd from November levels to 1.99 million bpd under the curbs due to take force from Jan. 1. [ID:nLL461785] ONGC has a 40 percent stake in the San Cristobal oilfield while Venezuelan national oil company PDVSA owns the remaining 60 percent through its subsidiary CVP. Compliance with OPEC's cuts -- including this month's biggest ever -- have become a key issue for oil traders who question whether the Organization of the Petroleum Exporting Countries can slash production quickly enough to keep pace with the decline in global fuel demand. Early signs on supply in December, before the latest curbs came into effect, appear encouraging for the group. Output from OPEC members bound by supply constraints fell by 400,000 bpd this month, consultant Petrologistics said on Tuesday, as the group more than complied with its previous cuts. [ID:nLU70756] Petrologistics estimated that Venezuela's output remained steady at 2.32 million bpd, while Saudi Arabia and the UAE led the curbs. Riyadh informed its customers early this month that it would deepen supply curbs even further in January, effectively pre-empting OPEC's decision, while the UAE's state oil firm ADNOC notified its lifters last week of bigger cuts. (Reporting by Nidhi Verma, Editing by Mark Williams and Anthony Barker) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Venezuela tells India's ONGC it must cut outputReuters - 44 minutes ago Oil prices flat despite conflict in Middle EastAP - Tuesday, December 30 Oil prices higher on evidence of OPEC cutsAFP - Monday, December 29 Ecuador president announces oil production cutsAP - Sunday, December 28 Related Articles: Business Airlines 'shrinking by all measures' - IATAReuters - 24 minutes ago Rosneft expects its '09 oil output to grow slightlyReuters - 28 minutes ago Gaza dominates Gulf leaders summitAP - 30 minutes ago World markets gain, led by higher energy stocksAP - 35 minutes ago Indian 10-yr bond yield falls to lowest since May '04Reuters - 36 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Obama economic plan to cost between 675 and 775 bln: aides Two thousand and strange: offbeat stories of the year Natural disasters 'killed over 220,000' in 2008 International community piles pressure on Israel View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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