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Venezuela's oil minister said OPEC has not ruled out the possibility of more output cuts this year if its latest one fails to boost prices. "You never know," Alvaro Silva told the Associated Press yesterday when asked whether the oil cartel would shave more oil off the market this year.
Earlier this week, OPEC decided to trim production by a million barrels a day to prevent prices from further falling amid a global economic slowdown that is weakening demand for crude oil. It was the third time this year that the cartel cut production.
Two earlier cuts, totaling 2.5 million, failed to boost prices in the long term, the report said. OPEC's decision this week surprised traders, who expected the cut to come later. Prices have dropped 12 percent during the first three weeks of July.