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Venezuela Says OPEC to Cut Production, Raise Crude Price

Venezuela's oil minister has said OPEC countries have reached consensus to cut back crude oil production by one million barrels a day, beginning December first. OPEC says it is currently producing 28 million barrels per day.

Rafael Ramirez said Friday in a television interview that OPEC oil ministers agree on the cut and will hold a meeting to discuss the mechanics of the cut.

An Opec official said a meeting is expected on October 20 in Qatar.

Ramirez said Venezuela would try to keep the price of oil above $55 a barrel. He said Venezuela has already implemented a 50,000 barrel per day output reduction.

Some information for this report provided by AP and Reuters.