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Chavez: OPEC could further reduce output

Chavez: OPEC could further reduce output

Venezuelan President Hugo Chavez says OPEC could further reduce oil production to boost slumping prices.
The Organization of Petroleum Exporting Countries agreed last month to cut 2.2 million barrels per day to increase prices.
Chavez said during a marathon national address on Tuesday that Venezuela's "strategy is to defend fair prices for oil."
Chavez said OPEC could cut production by as much as 4 million barrels per day if necessary.
Last week, Venezuela announced it was reducing oil output by 189,000 barrels per day under new OPEC production cuts.
Venezuela is currently producing about 2.4 million barrels of oil a day, according to OPEC.


Updated : 2021-06-17 06:14 GMT+08:00