(Energy Analytics Institute, Jared Yamin, 14.Jun.2016) – Venezuela’s President Nicolas Maduro said his country needs to boost its crude oil output over the next six months in accordance with the quotas assigned by OPEC and reduce production costs to optimize investments.
Maduro’s comments came during a rally staged by hydrocarbon and petrochemical sector workers in Caracas to show their support for the president as he faces continued pressures from abroad about a recall referendum that could potentially remove him from office.
Venezuela isn’t tied to any dogma of reducing production, said the country’s Oil and Mining Minister Eulogio Del Pino during the rally. “We are seeking new plans that will take us to balanced pricing, which justifies the sustainability of investments.”
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