VOL. XLI

No. 31

3-August-1998

VENEZUELA

Venezuela Will Implement Output Cuts, Says Arrieta

The Venezuelan Energy and Mines Minister Erwin Arrieta reiterated on 27July that while his country has not yet fully implemented the crude oil cuts agreed uponin the June OPEC meeting, nonetheless Caracas is fully committed to meeting itsobligation. "There isnt a violation or change to the agreement. We will keepour word. By the end of July, our production will be at approximately 2.85mn b/d," hetold...