Weatherford says cutting back Venezuela operations

NEW ORLEANS, March 24 Mon Mar 24, 2014 12:02pm EDT

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NEW ORLEANS, March 24 (Reuters) - Oilfield services provider Weatherford International Ltd said on Monday it was reducing operations in Venezuela and expects its Russian business to grow this year.

The company, which competes with Schlumberger and Halliburton, said the "serious liquidity situation in Venezuela" is causing it to pare back services it provides inside the OPEC country.

"We have pushed down our presence in Venezuela," Chief Executive Bernanrd Duroc-Danner said at the Howard Weil conference in New Orleans.

In Russia, Weatherford expects a "very constructive year," Duroc-Danner told the conference. He did not mention the ongoing tension between Russia and Ukraine over Crimea and how it could affect Weatherford. (Reporting by Ernest Scheyder; Editing by David Gregorio)

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