March 9, 2005
Venezuela to increase oil production

(Upstream) - "Venezuela announced that it will invest 40 billion US dollars over the coming five years to increase crude production to 5 million barrels a day. Venezuelan Foreign Minister Alí Rodríguez said during his visit in Doha, Qatar's capital, that Venezuela will increase its crude production to meet the new demand in the United States and other countries. According to reports from Doha, Rodríguez said that Venezuela now is pumping out over 3 million barrels of crude a day".