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Venezuela reduces oil production

CARACAS, Venezuela (AP) — Venezuela says it is reducing oil output by 189,000 barrels per day under new OPEC production cuts.

Venezuela says it will stop shipping 166,000 barrels a day to the United States, 18,000 to China and 5,000 to Europe.

It says the cuts will be made from joint ventures between Venezuela’s state oil company and foreign companies including Royal Dutch Shell, Chevron Corp. and France’s Total.

The Organization of Petroleum Exporting Countries has agreed to cut 4.2 million barrels per day to boost prices.

Venezuela’s Energy Ministry said Wednesday it has slashed production by 364,000 barrels to an average of 3 million barrels per day.

But international observers including OPEC put Venezuela’s output at no more than 2.4 million.

Copyright © 2009 The Associated Press. All rights reserved. 
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