FT.com - Venezuela and Nigeria, both members of the Opec oil cartel, yesterday announced that they would reduce their oil production by as much as 200,000 barrels a day to shore up prices.
Several other key members of the Organisation of the Petroleum Exporting Countries were said to be furious about the unilateral decision.
Nevertheless, data due to be released in the next few weeks are expected to show those other members, which include Saudi Arabia, Iran, Kuwait and the United Arab Emirates, are also reducing output but keeping quiet about the measure.
Financial Times
