Venezuela to reduce crude production by 95,000 barrels per day

President of state oil company Petróleos de Venezuela (PDVSA) Eulogio del Pino announced on 30 November 2016 that Venezuela will reduce its crude oil production by 95,000 barrels per day (bpd). The cuts will place the country's daily production below 2 million bpd for the first time in 30 years (Efecto Cocuyo). Venezuela's production cuts are part of a 30 November agreement by the Organization of the Petroleum of Exporting Countries (OPEC) to reduce the majority of member states' crude production by an average of 4.7 percent, limiting their output by 1.2 million bpd beginning on 1 January 2017 (Tal Cual).