US presidential campaign does no credit to American colleagues — LavrovRussian Politics & Diplomacy October 25, 13:11
Kremlin wants Western media's unbiased coverage of Russian, Syrian troops' activitiesRussian Politics & Diplomacy October 25, 13:07
Press review: US election criticism and Belgium against CETAPress Review October 25, 13:00
Russian deputy PM: Agreements on crude production cap to stabilize oil sector investmentsBusiness & Economy October 25, 12:46
Russia ready to extend Turkish stream after written guarantees from EU — LavrovBusiness & Economy October 25, 12:34
Pablo Picasso paintings come to lifeSociety & Culture October 25, 12:31
Minsk confirms it is ready to host Contact Group meeting October 26World October 25, 12:09
Moscow surprised as Germany places politics above economy — LavrovRussian Politics & Diplomacy October 25, 12:03
Terrorists cutting off Aleppo residents from humanitarian corridorsWorld October 25, 11:32
CARACAS, September 15 (Itar-Tass) – Venezuelan companies will increase the output of crude oil to 4 million barrels per day /bpd/ within the next three years, President Hugo Chavez said Thursday as he made a call into the studios of Venezolana de Television channel.
As for a more distant prospect, or 2019, the production of crude will go up to 6 million bpd.
He told the audiences Venezuela is one of a short list of countries that can afford the luxury of a fast buildup of the output of crude oil.
Chavez recalled that this country occupies the world’s top position in terms of the size of explored reserves of oil reaching almost 300 billion barrels.
The bulk of the oilfields is located in the Orinoco River oil belt and the country will need up to $ 80 billion to develop it in the next five to six years.
People’s Republic of China is turning into an ever bigger consumer of Venezuelan crude, Chavez said adding that Beijing has established strategic relations with this country.
He indicated that China is currently producing about 4 million bpd of oil on its own territory while the actual amounts of consumption there are getting closer and closer to 10 million bpd.