February 8, 2005
Venezuela generates 3.1 million barrels of oil per day in 2004

(Xinhua News Agency) -"Venezuela, the world's fifth largest exporter of crude oil, produced 3.1 million barrels of oil per day in 2004, Venezuelan Energy Minister and President of the state-run oil company PDVSA, Rafael Ramírez, said on.

Ramírez told local press that it will take PDVSA five years to completely recover from the strike it suffered in late 2002 and early 2003. The strike, organized by the opposition in an attempt oust President Hugo Chávez, paralyzed 70 percent of PDVSA's operations, Ramírez said.

He said PDVSA has expanded its business into Argentina, Brazil and Uruguay.

The firm's net profit from January to November 2004 stood at 6. 6 billion US dollars, an 88-percent increase over 2003, thanks to higher prices in the international market, Ramírez said.

Between 2003 and 2004, PDVSA reduced its short-term debts from 1.817 billion dollars to 432 millions dollars, and its assets grew from 55.259 billion dollars to 65.092 billion dollars, he said".