Venezuela to raise oil output by 1 mln bpd

CARACAS, April 30 (Xinhua) -- Venezuela has decided to raise its crude oil output by one million barrels per day (bpd), to reach 2.803 million bpd, President Nicolas Maduro announced on Monday.

Maduro said he instructed the new head of state oil giant PDVSA, Manuel Quevedo, "to increase production by another million."

The new target falls within the limits set by the Organization of the Petroleum Exporting Countries (OPEC) in a bid to stabilize the price of oil, he said.

"Everything seems to indicate that the prices of oil will remain steady at a moderate price, which is what it has now," said Maduro, adding "the discipline of producing countries has permitted the regulation and self-regulation of the market."

According to Venezuela's oil ministry, the price of national crude closed last week at 64.28 U.S. dollars a barrel, a slight increase over the week before (63.35 dollars).

Maduro hopes to spur production at the PDVSA to draw more investment to help shore up the country's battered economy. Enditem