WorldOil Venezuela’s state oil producer to cut costs by 50% 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% in an austerity drive to reflect the broader economic crisis hitting the OPEC nation of 30 million people. Caution urged for potential investors in Venezuela Jay Newman, the former hedge fund manager who helped billionaire Paul Singer win a 15-year fight against Argentina, has a word of caution for investors looking to replicate his success amid the chaos unfolding in Venezuela. Venezuelan oil output heads to 29-year low as cash crunch grows Venezuela is set to pump the least oil in almost three decades, just when it needs petrodollars the most. PDVSA said to open Swiss office after Venezuela hit by sanctions Venezuela’s state-run oil company is opening an office in Switzerland, the latest step in the cash-strapped firm’s struggle to survive amid tighter U.S. sanctions and declining production. Venezuelan oil too big to fail, at least for China and Russia Venezuela’s sudden demand to renegotiate its billions in debt could complicate life for its two biggest oil patrons, China and Russia. Oil extends surge as OPEC signals deal, supply threats mount Oil closed at its highest in more than two years for a second day as support grew for OPEC to prolong output cuts, while supply threats abounded. Venezuela will seek to restructure debt, blaming sanctions President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment, blaming U.S. sanctions for making it impossible to find new financing. Venezuela's restructure heightens Rosneft's $6-billion risk The risks associated with Rosneft PJSC’s $6 billion advance to Venezuela’s oil company for future crude shipments have deepened after the Latin American nation announced plans to restructure crushing debts. Former Venezuela Oil Company CEO says bonds will be paid The former CEO of Venezuela’s state run-oil company said it will make debt payments this year and next, even as he acknowledged the crude producer is struggling with cash-flow and operational issues. Venezuelan oil cargoes to U.S. ports plunge as sanctions bite Venezuela’s biggest market for crude sales -- the U.S. -- is becoming a harder and harder place for the socialist nation’s oil producer to do business as sanctions and diminishing quality controls discourage would-be buyers.