Nigeria, Venezuela to cut oil output
Afp, Paris
Opec members Nigeria and Venezuela are to cut their crude oil production in the face of sliding prices, a move limited in scope and likely to have an uncertain impact on the market. Their combined reduction amounts to 170,000 barrels a day, according to a spokesman for the Organization of Petroleum Exporting Countries, which pumps about 40 percent of the world's crude. "Venezuela has formally informed Opec that it will be cutting voluntarily production by 50,000 barrels a day as of the 1st of October," Opec spokesman Tarek Amin said Friday. "Nigeria will cut their production by five percent, which is around 120,000 barrels a day. These are both voluntary cuts, these are not cuts made by the Organization."
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