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Venezuela Cuts Oil Production: Venezuela is cutting its oil production by 50,000 barrels a day in a bid to stem the drop in oil prices, OPEC board of governors chairman Gonzalo Plaza said. Plaza told Reuters that the production cut was a unilateral effort by Venezuela to spur other members of the Organization of Petroleum Exporting Countries to lower output to stop the fall in prices. Oil closed Friday at $18.25 a barrel.
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