(MENAFN) In a step to beat the challenge the U.S. dollar's dominance, Venezuela's government continued to post the price of its oil in Renminbi.
The Oil and Mining Ministry on its website declared that the Venezuela's oil prices increased by "an average of 2.55 Chinese Yuan," or more than 4 percent compared to last week's average price of 306.26 Chinese Yuan (USD48.45) a barrel.
Furthermore, OPEC and associated oil producers decided to freely reduce output to rise up falling oil prices, those cutbacks increased to nearly 1.8 million barrels a day
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