CARACAS, Friday October 24, 2008 | Update
The OPEC announced a reduction of one and a half million barrels per day effective as November 1st (Photo: Larry Smith / EFE)
The Venezuelan oil basket slipped USD 6.91 the week ending October 24th, to end at USD 61.09 on average, for fear of weakening world oil demand, reported the government, Reuters quoted.
The Organization of Petroleum Exporting Countries (OPEC) agreed on Friday to implement a substantial cut in oil production. Oil ministers decided to reduce supply by 1.5 million barrels a day from November 1st, at an emergency meeting in Vienna in an atmosphere of tense expectation in markets and investors.
The announced reduction is intended to halt the "dramatic collapse of oil prices," said OPEC president, Chakib Khelil, oil minister of Algeria, as reported by AFP.
02:57 PM. HEAVY RAINS. Venezuelan Executive Vice-President Elias Jaua reported that the government is designing plans to support farmers, cattlemen and peasants of the state of Mérida who have been hit by heavy rains that have caused crop losses.