November 11, 2018 / 11:08 AM / a month ago

Venezuela hoping to steeply raise oil output next year

Oil pumpjacks are seen in Lagunillas, Venezuela May 24, 2018. Picture taken May 24, 2018. REUTERS/Isaac Urrutia

ABU DHABI (Reuters) - Venezuela is hoping to steeply raise oil output next year but will respect any new deal if OPEC agrees to reduce output from December, Oil Minister Manuel Quevedo said on Sunday.

The south American OPEC nation’s current oil output is 1.5 million barrels per day and it aims to increase that by 1 million bpd “soon”, he told reporters in Abu Dhabi.

Quevedo was speaking in Abu Dhabi where an oil market monitoring committee was held on Sunday, attended by top exporters Saudi Arabia and Russia.

A majority of OPEC and allied oil exporters support a cut in the global supply of crude, Oman Oil Minister Mohammed bin Hamad al-Rumhi said earlier in the Emirati capital.

“Many of us share this view,” the minister said when asked about the need for a cut. Asked if it could amount to 500,000 or one million barrels per day, he replied: “I think it is unfair for me to throw numbers now.”

Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions told Reuters on Sunday.

Venezuela will comply with its debt obligations and considers itself a partner with Chevron Corp. and other companies, Quevedo said, adding the problem is with the American government.

Reporting by Dmitry Zhdannikov; writing by Maher Chmaytelli; Editing by Janet Lawrence

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