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Venezuela Wants OPEC to Cut Production

Venezuelan Oil Minister Rafael Ramirez says his government will propose that OPEC further cut oil production when cartel members meet in December.

He said Venezuela would like OPEC to reduce oil production by 300,000 barrels a day by the end of the year.

OPEC has already agreed to cut production by 1.2 million barrels a day in an attempt to stem the fall of oil prices.

Crude oil prices reached record highs in July at more than $78 a barrel.

Recently, that figure has fallen to around $58 a barrel.

Some information for this report was provided by AP and Reuters.