Chavez announced plans for OPEC to further reduce oil production.

Venezuelan President Hugo Chavez said that the Organization of the countries - the Petroleum Exporting (OPEC) plans to reduce the extraction of an additional 4 million barrels per day, the Associated Press.

By this measure, according to Chavez, OPEC is going to resort to prevent a sharp decline in oil prices. If the decision to lower the production will be taken, Venezuela, an OPEC member, is ready to comply with it, said Chavez radiovystuplenii broadcast was aired on Monday.

C in September 2008, OPEC has reduced in several stages in the extraction of 4.2 million barrels a day. Venezuela during this period of time has reduced production on 189 thousand barrels per day. At the end of January 2009, Venezuela produces daily 2.4 million barrels.

On Monday, world oil prices have shown sharp rise on Friday, has declined, reports AFP.
Thus, at the stock exchange in London, Brent barrel mark on Jan. 26 dropped in price by 82 cents to 47.55 dollars. In New York on Monday, WTI crude oil cost 45.73 dollars per barrel, which is 74 cents lower than the bid on Friday, January 23.