Chavez says Venezuela to hike oil output this year
CARACAS
Sun May 23, 2010 3:56pm EDT
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CARACAS (Reuters) - OPEC member Venezuela will increase oil production "gradually" in 2010, then even more next year, President Hugo Chavez said on Sunday.
Chavez's comments contradicted previous statements by oil officials that Venezuela's production -- which they put at 3 million barrels per day -- will not increase this year.
"We are going to increase oil output progressively from the end of this year, and in 2011 we will have an important rise," Chavez said on his weekly TV programme "Hello President".
Chavez gave no further explanation for his forecasts.
Venezuela has various projects in the pipeline to increase output from its Orinoco heavy-crude belt, but they are not expected to start coming on stream until 2012.
International energy organizations put the South American nation's output closer to 2.3-2.4 million bpd currently.
Venezuela agreed to a 380,000 bpd cut last year in line with OPEC reductions, but there was no indication from Chavez that he was referring to any changes in that.
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