Venezuela expects to increase oil production considerably in 2019

[Warlock-]

 

View of Amuay refinery, in Punto Fijo, Venezuela.

ABU DHABI - Venezuela hopes to increase its oil production considerably next year, but will respect any new agreement if OPEC agrees to reduce production from December, oil minister Manuel Quevedo said on Sunday. The current oil production of the Organization of Petroleum Exporting Countries of the South American nation is 1.5 million barrels per day (bpd) and its goal is to increase it "soon" by 1 million bpd, he told reporters in Abu Dhabi.

Quevedo spoke in the capital of the United Arab Emirates, where a committee to monitor the oil market was held on Sunday attended by leading exporters such as Saudi Arabia and Russia. The Omani Oil Minister, Mohammed bin Hamad al-Rumhi, had earlier said that the majority of OPEC and allied oil exporters supported a cut in the world's oil supply. Quevedo spoke in the capital of the United Arab Emirates, where a committee to monitor the oil market was held on Sunday attended by leading exporters such as Saudi Arabia and Russia. The Omani Oil Minister, Mohammed bin Hamad al-Rumhi, had earlier said that the majority of OPEC and allied oil exporters supported a cut in the world's oil supply.