Venezuelan oil company PDVSA will increase oil production

© AP Photo / Fernando LlanoМужчина with the Venezuela flag in front of company PDVSA. Archival photoVenezuelan oil company PDVSA will increase oil production© AP Photo / Fernando Llano

Venezuelan oil company PDVSA this year aims to reach a production level of 2.47 million barrels of oil per day, according to the Universal newspaper, citing the oil Minister of Venezuela, Manuel Quevedo.

Now the level of oil production was close to 1.9 million barrels per day, he said. For the company it will be a year of reconstruction and investment: PDVSA plans to continue the fight against corruption, increase production, strengthen areas of refining and petrochemistry, as well as to develop domestic and foreign markets.

The situation in Venezuela have become severe due to shortages, galloping inflation and falling government revenues due to lower oil prices, as well as the mass protests against the policies of President Nicolas Maduro. In January the authorities of the country for the 13th time, extended the state of emergency in the country’s economy.