Venezuela to cut 95,000 bpd crude output in OPEC deal - RTRS

Venezuela said late-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, Reuters reports.

The Venezuelan Energy Ministry noted, "Without prejudicing its international contractual obligations, from Jan. 1 2017, (state oil company) PDVSA and/or its subsidiaries will implement a reduction in the volumes of its main crude sale contracts, all in conformity with existing terms and conditions."