Venezuela is ready to boost oil output

www.gulf-daily-news.com CARACAS:

Venezuela is currently producing more than three million barrels of crude a day and is willing to increase output in case of a war with Iraq, Energy Minister Rafael Ramirez said yesterday.

The Venezuelan oil industry had all but collapsed during a two-month strike that ended on February 2, causing severe concerns on international oil markets ahead of a possible war with Iraq.

"We are back at more than three million (barrels per day)," Ramirez told state-run VTV television.

"We have maintained our production capacity of 3.4m barrels per day intact. This is something that is available," he said.

The minister said that Venezuela would abide by any decision by the Organisation of Petroleum Exporting Countries to increase output if war breaks out in Iraq.