Venezuela will raise its production of crude oil from the current 3.2 million barrels per day (bpd) to 5 million in 2012, in order to maintain a fair price in the market, President Hugo Chavez said during his Sunday television and radio speech.
The world is facing an energy crisis since crude oil reserves are being exhausted, the president said.
He said the current price for Venezuela's crude oil is fair in the international market, which is 71.16 U.S. dollars a barrel. It is more important for Venezuela to maintain a fair price than to flood the market, he added.
Venezuela is the world's fifth largest oil exporter, with reserves estimated at 316 billion barrels.
Source: Xinhua
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