Venezuela Plans to Keep Oil Production Levels Steady
CARACAS (Dow Jones), Feb. 25, 2010
OPEC member Venezuela has no plans to increase to oil production levels near term, a top official said Thursday.
"We have a firm decision not to increase production," Oil Minister Rafael Ramirez said. "We believe it isn't necessary to modify anything."
Venezuela was one of the members of the Organization of Petroleum Exporting Countries that pushed for cuts to global production a year ago as prices fell sharply. The government says those cuts were partly responsible for lifting oil prices after they fell to as low as $33 a barrel.
Venezuela, the largest oil producer in South America, produces about 2.3 million barrels a day of crude, according to independent estimates. The government disputes those estimates and says output is closer to 3 million a day.
Copyright (c) 2010 Dow Jones & Company, Inc.
- OPEC's Cheer Over 2018 Oil Rally Tinged By Shale Worries (Jan 09)
- OPEC's Oil Cuts Claim a Victim as Supertanker Earnings Crash (Jan 09)
- BLOG: What do Rigzone Readers Think of the OPEC/NOPEC Deal? (Dec 07)