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Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal

Venezuela said Tuesday it will cut 95,000 barrels per day of oil production in the New Year in fulfillment of a producers' deal to reduce global output and strengthen prices. January 1 marks the start of the pact by the Organization of the Petroleum Exporting Countries and several non-OPEC producers to lower production by almost 1.8 million bpd. "Without prejudicing its international contractual obligations, from Jan. 1, 2017, [state oil company] PDVSA and/or its subsidiaries...

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