Venezuela, through its Minister of Energy, is persuading members of the Organization of Petroleum-Exporting Countries (OPEC) to cut at least one million barrels from its production to keep prices at around $70 to $8- per barrel.
According to the minister, the clash of the financial mamrkets in the Western world is significantly reducing demand for crude oil. Furthermore, the minister said that further accumulation of surplus oil will lead to wavering investments in the industry.
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