A sculpture, depicting an oil derrick in a hand, stands outside of the Petroleos de Venezuela SA (PDVSA) building ahead of government debt meetings in Caracas, Venezuela. (Photographer: Carlos Becerra/Bloomberg)

Venezuela’s State Oil Producer Tells Staff to Cut Costs by 50%

(Bloomberg) -- Already in default and struggling with sinking oil production, Venezuela’s state-run energy firm told its employees to cut costs and expenses by 50 percent in an austerity drive to r...

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