Venezuela to increase oil output by 66 % in 5 years

Dec 30, 2004 01:00 AM

The Venezuelan government announced that the country will increase oil production by 66 % in the coming five years.
Foreign Minister Ali Rodriguez said Venezuela plans to raise crude oil production from 3 mm to 5 mm bpd during the same period.

The United States is the largest consumer of Venezuelan oil, absorbing about 85 % of its export.
Venezuelan oil accounts for 12 to 15 % of the total consumption in the United States.

Source: Xinhua
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