Venezuela turmoil may delay Opec cuts

The continuing strike in the Venezuelan oil sector sent crude prices rocketing higher in December and led to speculation that the Organisation of Petroleum Exporting Countries (Opec) might delay its planned production cuts.

Protests led by right-wing opponents of Venezuelan president Hugo Chavez – including many oil refiners – all but crippled Venezuela’s oil exports in mid-December.

Venezuela is the world’s fifth largest oil producer, behind Saudi Arabia, Russia, Norway and Iran, according t