Venezuela Oil Minister Says to Propose 5% Cut to Oil Output Ceiling

Reuters

VIENNA, Dec 4 (Reuters) – Venezuelan oil minister Eulogio del Pino said on Friday his country would push for a 5 percent cut in OPEC crude oil production at the group's meeting in Vienna.

Del Pino reiterated the call for a cut of this size from Venezuelan president Nicolas Maduro on Thursday.

Del Pino said it was not just Venezuela that was concerned about the drop in oil prices over the last 12 months to around $45 a barrel, close to their lowest in nearly seven years.

Venezuela has consistently urged the Organization of the Petroleum Exporting Countries to make production cuts, but OPEC policy has so far been driven by Saudi Arabia's insistence on maintaining output to defend market share.

(Reporting by Vienna newsroom; Editing by Jane Merriman)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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