Although many OPEC countries have reached the limit of their oil production capacity, Venezuela is ready to deliver the output set by the OPEC plenty of spare production capacity, Venezuela State Oil Company PDVSA Vice President Oswaldo Contreras Maza said Tuesday.
"Venezuela is ready to stand by the needs of the OPEC, while its OPEC quota is now at 3 million barrels per day, Venezuela's oil output capacity is at 3.75 million barrels per day and we are all ready have plan to get the production up to 4 millions of barrels by this year and will plan for more if necessary". Contreras Maza said.
Although, most industry experts disagree, saying that Venezuela has not the oil production capacity that PDVSA is saying, PDVSA is firm in assuring that they can do it.
© 2000 Mena Report (www.menareport.com)
