Venezuela meets 70 pct of OPEC-agreed cutback target in oil output

Martinez said the country was close to fully meeting its target and complying with an agreement reached in November with members of the Organization of Petroleum Exporting Countries (OPEC) and other oil producers, according to news reaching here from Vienna. Martinez described Venezuela’s compliance with the cutback agreement as “quite high,” and announced it would reach “100 percent of the target by February.” The minister make the remarks while speaking with Venezuelan media in Vienna, where he was attending an OPEC meeting on compliance with a measure designed to shore up oil prices. More…