Venezuela Aims to Boost Oil Production

Venezuela Aims to Boost Oil Production

Venezuela’s state oil company wants to increase crude production by nearly 8 percent this year.

Petroleos de Venezuela SA says it hopes to produce more than 3.4 million barrels per day.

State oil company vice president Luis Vierma says the company is investing some $15 million this year — up 50 percent from 2007.

Vierma says that Venezuela is producing about 3.2 million barrels per day. More conservative estimates from the Paris-based International Energy Agency put the country’s production at around 2.6 million barrels a day.

Venezuela is the fifth largest supplier of oil to the U.S.

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