Chávez: Venezuela's quota under OPEC should be adjusted

Venezuelan President Hugo Chávez explained that one of the factors taken into account by the Organization of the Petroleum Exporting Countries (OPEC) to set production

quotas is the level of reserves of each member country. Since Venezuela has proven to have the largest oil reserves in the world, even above Saudi Arabia, its production quota should be adjusted. Venezuela's current production quota is 3.2 million bpd
Oil
Venezuelan President Hugo Chávez Frías said that the Organization of the Petroleum Exporting Countries (OPEC) needed to revise daily production quotas assigned to each member country, because the picture has changed after Venezuela has been certified as the nation with the largest oil proven reserves worldwide.
Venezuelan President Hugo Chávez explained that one of the factors taken into account by the Organization of the Petroleum Exporting Countries (OPEC) to set production quotas is the level of reserves of each member country. Since Venezuela has proven to have the largest oil reserves in the world, even above Saudi Arabia, its production quota should be adjusted. Venezuela's current production quota is 3.2 million bpd.
However, he admitted that the change would not be immediate. In addition, another factor is the capacity of each nation to extract its oil wealth.
In this respect, President of Petróleos de Venezuela (Pdvsa) Rafael Ramírez said that in the specific case of the Orinoco oil belt, they expect to produce about 130,000 barrels a day by the end of the year, according to the strategic plans approved by the Executive Office.
The government's goal, according to Chávez and Ramírez, is to exceed 6 million bpd over the next 10 years, which Chávez termed the silver decade.
Ramírez explained that the strategic plans aim to achieve a production capacity of 4 million barrels in the Orinoco oil belt by 2015.
Increasing reserves
According to data provided during a mandatory nationwide radio and television broadcast, including the certified and OPEC-approved reserves, Venezuela now has 20% of oil reserves worldwide. However, the exploration and prospecting continue, and authorities expect certified reserves to hit some 40% of the oil reserves worldwide.
In this sense, Chávez stated that this gives the country a major responsibility and a great opportunity to manage such resources as regional and global strategic geopolitical resources.
Source: El Universal