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ST. PETERSBURG, June 16. /TASS/. In response to the ongoing low-price market, despite the recent pick-up, Venezuela has had to alter its oil production focus towards heavy oil, Venezuelan Oil and Mining Minister Euologio del Pino said on Thursday at the 20th St. Petersburg International Economic Forum.
"We are declining the production of the light and medium oil, and increasing the production of heavy oil," del Pino said.
"We are in a situation when we need investment in upgrading the heavy oil (production) to take advantage of the excess of light oil. We are also reactivating our heavy oil capacities in the Caribbean," he added.
Commenting on the ongoing period of low oil prices, del Pino called the current prices a "lose-lose situation" despite the recent pick-up on the crude market.