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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Venezuela to seek 1.0 million bpd OPEC cut AFP - Monday, November 24 CARACAS, Venezuela (AFP) - - Venezuela will seek a cut in crude production of 1.0 million barrels per day by the end of the year at an OPEC oil cartel meeting in Cairo next weekend, Venezuelan Energy Minister Rafael Ramirez said Sunday. "Venezuela will propose a new cut in production at the next meeting of the Organization of Petroleum Exporting Countries (OPEC)," Ramirez said in a statement. The reduction "should be effective before year's end," according to the statement from Petroleos de Venezuela state energy company. The OPEC cartel, which produces 40 percent of the world's crude oil, is scheduled to hold an extraordinary meeting on November 29 in Cairo, Egypt, amid speculation member nations will agree to cut output in a bid to boost plunging oil prices. OPEC agreed on October 24 to reduce production by 1.5 million barrels per day from November 1 but prices have since continued to slide. Prices have dropped almost two-thirds since striking record highs of above 147 dollars in July, as a global economic slowdown dents world energy demand. Venezuela officialy produces 3.24 million barrels of oil a day, but according to OPEC it produces no more than 2.33 million bpd. Venezuelan crude prices fell this week to 40.68 dollars per barrel, after floating above 120 dollars in the middle of the year. The government calculated a price of 60 dollars per barrel in the 2009 budget. "The price of oil isn't the big worry, it's the world crisis," Chavez said Sunday after voting in local elections seen as a test for his presidency and socialist policies. 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 to seek 1.0 million bpd OPEC cutAFP - Monday, November 24 OPEC grapples with production cuts, credibilityAP - Friday, November 21 Oil prices slump under $50 per barrelAFP - Friday, November 21 Oil prices drop below $50 dollars, hit 3.5-year lowsAFP - Friday, November 21 Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Top Stories Viewed Stricken German public bank KfW expects further losses Slump in Europe spreads wider Over 200 narwhal trapped in Canadian ice Japan scientists eye made-to-order bones New strain of deadly Ebola virus discovered View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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