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    Venezuela Plans to Increase Oil Production by 7.14% in 2016

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    Oil and Mining Industry Minister said that Venezuela is going to increase its oil production by 7.14 percent up to 3 million barrels per day.

    VIENNA (Sputnik) Venezuela is going to increase its oil production by 7.14 percent up to 3 million barrels per day, Venezuela’s Oil and Mining Industry Minister Eulogio del Pino said Thursday.

    "Our aim is to increase oil production from 2.8 million to 3 million barrels per day in 2016," he told journalists in Vienna, where the Organization of the Petroleum Exporting Countries (OPEC) ministers will discuss possible new caps on oil production.

    Del Pino said Venezuela proposed introduction of a "corridor" on oil production, not on prices.

    "We propose the system of an oil production corridor, which implies providing each country with an interval from minimum to maximum oil production. That is not a corridor oil production, not prices. That will allow some countries to increase the production, if others will have problems. So, the balance will be reached," he said.

    The minister also said that he supports OPEC oil production quota of 31-33 million barrels per day.

    Venezuela, which has the world’s largest proved oil reserves, is facing a sharp economic crisis because of the dramatic fall of oil prices started in 2014.

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    oil production, OPEC, Venezuela
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