Venezuela to cut oil production

Venezuela said yesterday that it will cut oil production by 50,000 barrels a day to try and stem the recent fall in crude prices, while President Hugo Chavez said an “appropriate” price for oil was 50-60 dollars a barrel.

There was no significant response on world oil markets, however, and analysts said the decision was unlikely to have much impact because the quantity is small and Venezuela is already believed to be underproducing.