Economics
Venezuela, Ecuador to Propose Output Cuts: OPEC Reality Check
- Venezuelan President says nation will suggest a 5% reduction
- Ecuador crafts plan to improve prices with production controls
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As the last of the OPEC ministers make their way to Vienna, Venezuela and Ecuador said they would seek curbs on production at Friday’s meeting in order to boost prices.
Venezuela will propose a 5 percent production cut, state newspaper Correo Del Orinoco reported, citing President Nicolas Maduro. Ecuador will suggest ways to improve oil prices through output controls, the South American nation’s oil ministry said on its Twitter account.