ST. PETERSBURG, June 8. /TASS/. Venezuela intends to increase oil production to around 1.5 mln barrels per day by the end of the year, up from the current level of more than 1 mln bpd, Vice President for Planning Ricardo Menendez told TASS.
"We are in the process of stabilizing oil production amid the recovery of our capacities and new circumstances," he said at SPIEF, noting that the country’s current production exceeds 1 mln bpd.
"We are seeing steady growth. We forecast production at around 1.5 mln bpd," he said, adding that this is linked to ongoing investments and the stabilization process in terms of both markets and domestic production.
The 29th St. Petersburg International Economic Forum (SPIEF-2026) was held on June 3-6. This year, the event was held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia was the guest country at SPIEF. The forum program was dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.
The Roscongress Foundation was the organizer of the St. Petersburg International Economic Forum. TASS was its official general information partner.