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15 April 2024

Venezuela’s oil minister says it will support new Opec production cuts

Venezuela is prepared to support Opec's production cuts as crude inventories remain high. (REUTERS)

Oil Minister Rafael Ramirez says Venezuela will support new Opec production cuts if necessary.

He says the Organization of Petroleum Exporting Countries will review member nations’ compliance with previously announced cuts at its March 15 meeting in Vienna. The oil cartel has slashed output by 4.2 million barrels per day since September to boost falling prices.

Ramirez said Saturday the group is worried because commercial inventories are still ‘very high’.

In comments published on the Energy Ministry’s Web site, Ramirez added he’s confident Venezuela’s state oil company has plenty of financing options in spite of the world economic crisis.

Company service providers are complaining of unpaid bills, suggesting it is short of cash.