OGJ Newsletter

There are faint signs of progress on reducing supply to bolster oil prices. Venezuela will achieve 100% compliance with its promised production cuts at the beginning of this year, pledges Deputy Energy and Mines Minister Dolores Dobarro. On Jan. 1, Venezuela's output was set to drop by 80,000-100,000 b/d, said Dobarro. Her announcement follows President-elect Hugo Ch vez's vow to comply fully with promised cuts and to review Venezuela's pledges in March with a view to extending them throughout 1999 (OGJ, Dec. 28, 1998, Newsletter). After announcing his pending resignation, effective Feb. 1 (see story, p. 28), Pdvsa Pres. Luis Giusti said, "There is no willingness, as in...

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