Venezuela proposes to cut global oil production by 5% to stabilize prices

Venezuela proposes to cut global oil production by 5% in order to stabilize oil prices, a source in the Venezuelan delegation led by Minister of Petroleum and Mining Eulogio del Pino, who arrived to attend Friday’s meeting of the Organisation of the Petroleum Exporting Countries (OPEC).
 
"Oil production cutting should be done by all - both the OPEC members and countries that are not members of the organization, including major oil-producing countries such as Russia," he said.
 
According to him, to make the world oil prices reasonable, it is necessary to cut global oil production by 5%.