OPEC: Venezuela Won't Back Raising Output Ceiling -Min / OPEC/Venezuela -2: Normal Production Back By End-March

sg.biz.yahoo.com Tuesday March 11, 12:00 AM

VIENNA (Dow Jones)--Venezuela is currently producing 2.65 million barrels a day of crude oil, and will be back at normal production levels by the end of the month, Oil Minister Rafael Ramirez said Monday.

Ramirez said Venezuela has the capacity to produce as much as 3.5 million b/d, though it will stick to its OPEC production quota of 2.82 million b/d.

Ramirez, who spoke to reporters ahead of a meeting of the Organization of Petroleum Exporting Countries here Tuesday, said Venezuela's refining capacity for gasoline and other refined products would be back to normal within 10 days.

Venezuela's oil industry was brought to a near standstill earlier this year because of a nationwide general strike.

-By Simeon Kerr, Dow Jones Newswires; simeon.kerr@dowjones.com