Venezuelan President Hugo Chavez says OPEC could cut output - again
THE ASSOCIATED PRESS
January 26, 2009 08:20
CARACAS, 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 four 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.
January 26, 2009 08:20
CARACAS, 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 four 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.