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News // Middle East and OPEC

Venezuela Confirmed Cutting Oil Production

05 October 2006 , 12:02832
Venezuela confirmed that it has cut oil production as promised during the last OPEC meeting, when officials said they would reduce production levels by 50,000 barrels per day.

Rafael Ramirez, president of Petroleos de Venezuela SA, said Tuesday Venezuela would, however, continue to push for other member nations to follow its lead.

Meanwhile, Ramirez also announced Tuesday that Venezuela had produced just below 3.3 million barrels per day in 2005, earning $85.7 billion, up 32 percent from the previous year. But some say Venezuela's output last year was actually more like 2.6 million bpd.

Venezuela's reduction followed remarks by President Hugo Chavez who said international oil prices were best kept between $50 and $60 a barrel.

"Venezuela has been in the vanguard of the recuperation of oil prices and today they are above $50 a barrel, which is an adequate price," he said last week.

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