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As a consequence, Venezuela is sitting on an oil stockpile 30.9 million barrels high, “but no one to buy them,” says OilPrice. Venezuela is therefore making the logical choice and curtailing production. Only 464,000 barrels a day got pumped last week, a 38% reduction from February production rates, and some oilwells are now being closed down entirely. By Rich Smith. Full text -> The Motley Fool
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