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Venezuela expects to increase oil production to OPEC quota in 2019

November 02, 2018/ 11:33

Moscow. Venezuela expects that it will be able to scale up oil production and reach the quota set earlier within the OPEC+ agreement framework in 2019, Vice President for Economic Development of the United Socialist Party of Venezuela and ex-Foreign Trade Minister Jesus Faria told TASS in an interview on Thursday.

"Projects aimed at recovery and growth of oil production rates are in place," the politician said. "We expect we will manage to achieve the quota set by OPEC+ in 2019. This is an important piece of news in the context of the plan for recovery of our economy," Faria noted.

Venezuela experiences shortage of currency, he said. "This is one of our weaknesses," Faria said. "Therefore, oil is our main tool to support currency inflow," he added.

"The good news is that we managed to stabilize oil production for the time being at the level of 1.2 mln barrels per day. Production rates are again gaining momentum now," Faria said.

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