Venezuela Aims to Build an $80/Barrel Floor on Oil Prices

CARACAS (Dow Jones Newswires), Sept. 22, 2009

Venezuela aims to double its oil production to more than 6 million barrels a day by 2030, Oil Minister Rafael Ramirez said Tuesday.

Speaking at a heavy crude oil conference, Ramirez said current production in Venezuela stands at about 3 million barrels a day, but that by 2015 the government aims for production to reach 4.7 million barrels a day. By 2030, production could reach 6 million barrels a day, he added.

To reach these goals, Ramirez said state oil firm Petroleos de Venezuela aims to "build a floor" on oil prices at $80 a barrel.

The two-day conference that began Tuesday in Caracas is being held by Petroleos de Venezuela SA, or PdVSA, along with French oil firm Total SA (FP.FR).  

Copyright (c) 2009 Dow Jones & Company, Inc.

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