Venezuela to slash budget after OPEC steadies output

Maduro said his economy minister, Rodolfo Marco Torre, would travel to China to "deepen economic and financing agreements" that would help Venezuela cover the oil revenue shortfall.

Venezuela, a member of the 12-nation Organization of Petroleum Exporting Countries with the world's largest proven oil reserves, had urged the cartel to lower production in order to make oil prices rise.

But Saudi Arabia and other Gulf monarchies refused .... https://uk.news.yahoo.com