trending Market Intelligence /marketintelligence/en/news-insights/trending/bfoxunnbqsme3c-dm62u-g2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

Report: Venezuela pledges oil production cut as part of OPEC deal

Street Talk Episode 41 - How to Win the Funding Battle, Use Fintech to Play Offense

Forward Spark Spreads Suggest Rising Profitability Of US Renewables As Sector Matures

MA Activity The Big Story In Mature Online Video Platform Market

Martina Cheung Backs The Quality Program


Report: Venezuela pledges oil production cut as part of OPEC deal

Venezuela agreed to cut its oil output by 95,000 barrels per day, in keeping with OPEC's production cut deal that aims to put upward pressure on global oil prices, Reuters reported.

"Without prejudicing its international contractual obligations, from Jan. 1 2017, [the state oil company Petroleos de Venezuela SA] and/or its subsidiaries will implement a reduction in the volumes of its main crude sale contracts, all in conformity with existing terms and conditions," the country's Energy Ministry said Dec. 27, according to the report.

Venezuelan President Nicolas Maduro said he is planning a "new formula to fix markets and oil prices" to achieve at least 10 years of stability, but he did not immediately give details on the proposal. Venezuela produces about 2.4 million bbl/d of crude and condensate, Reuters reported, citing ministry data.

Venezuela, whose economy has been ravaged in the two-year-plus downturn in oil prices, is set to join other OPEC members and a number of non-OPEC producers in lowering oil production in the new year. The joint pact, which was reached Dec. 10, is expected to cut production by nearly 1.8 million bbl/d.