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Venezuela to cut crude output by 95,000 bpd

Xinhua, December 28, 2016 Adjust font size:

Venezuela's state oil company PDVSA announced on Tuesday it will cut crude production by 95,000 barrels per day as of Jan. 1.

The move is part of an international agreement among leading oil producing countries to curb the glut of oil and shore up prices.

At a Nov. 30 meeting in Austria, hosted by the Organization of the Petroleum Exporting Countries (OPEC), oil producing countries agreed to reduce world output by 32.5 million bpd starting in 2017.

In a statement, the PDVSA said the decision "will benefit the global oil industry."

Venezuelan President Nicolas Maduro spearheaded the effort to stabilize oil prices, which have in the past two years swung from over 100 dollars a barrel to less than 40 dollars, wreaking havoc on national budgets.

Venezuela produces some 3 million bpd. Endit