Venezuela urges cut in oil production

OPEC has no obvious reason to cut its oil output, the group’s president said today, even though Iran and Venezuela have cited excess supply in pushing for a reduction.

Edmund Daukoru, who is also Nigeria’s oil minister, told reporters that he didn’t see any reason why the members would vote for a cut at tomorrow’s meeting - echoing earlier sentiment from Saudi Oil Minister Ali Naimi, one of OPEC’s most influential voices.