sg.biz.yahoo.com Thursday January 30, 10:54 PM

Venezuela/Force Majeure -2: Reach 2.5 Million B/D End Feb CARACAS (Dow Jones)--Venezuela's state-owned oil monopoly Petroleos de Venezuela is likely to lift its force majeure by the end of February when crude oil production is set to reach 2.5 million barrels per day, the company president said on PdVSA's Web site Thursday.

"We already have started to supply our main clients, like the United States, and very soon, most likely by the end of February we will defeat the force majeure," Ali Rodriguez said on PdVSA's Web site. A declaration of force majeure three days after the nationwide strike started Dec. 2 temporarily released the company and its clients from contractual obligations.

Rodriguez said also that crude production will hit its official OPEC quota of 2.819 million b/d by the end of March this year. Current production stands at 1.3 million b/d, Rodriguez added.

PdVSA dissident staff estimate production at 1.04 million b/d while exports don't exceed 500,000 b/d. The country is in its ninth week of a nationwide strike as diplomatic efforts to seek a solution are being stepped up.

(MORE) Dow Jones Newswires 01-30-03 0954ET