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Oil Prices Fall after Venezuela Vows to Ramp Up Production.
Knight Ridder/Tribune Business News, December, 2002
By D.C. Denison, The Boston Globe Knight Ridder/Tribune Business News
Dec. 31--Oil prices yesterday took their biggest one-day percentage drop since July after Venezuela vowed to ramp up oil production that has been restricted by a nationwide strike.
February crude oil futures on the New York Mercantile Exchange fell $1.35, or 4.1 percent, to $31.37 a barrel after reaching a high of $33.65 earlier in the day.
Venezuela's Energy and Mines Minister Rafael Ramirez said yesterday his country would double output next week to 1.2 million barrels a day by using replacement field crews, executives, tanker crews, and dockhands.
Oil production in Venezuela has dropped more than 90 percent since 40,000 oil workers walked off the job...
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