Venezuelan intends to increase oil production to more than one million barrels per day (bpd) by the end of 2023, Russian state news agency TASS reported on Wednesday, citing South American country’s oil minister.

“Production will be more than a million barrels. Exports (will account for) about 60%, the rest is domestic consumption,” TASS quoted Pedro Tellechea as saying during a visit to Russia.

OPEC data shows that Venezuela’s oil output in June was 767,000 bpd.
Source: Reuters (Reporting by Felix Light, Editing by David Goodman)