Venezuela cut the price of heavy crudes by $1.95.
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The country said its price cut was in response to earlier price reductions by competitors. The cut, which had been expected, put the average price of the OPEC member’s oil at $24.62 per 42-gallon barrel. Arturo Hernandez Grisanti, the minister of energy and mines, also said Venezuela would cut the price of its medium-grade crudes by 50 cents a barrel, in line with an OPEC agreement last week.
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