ST. PETERSBURG (Pakistan Point News / Sputnik - 06th June, 2019) Venezuela is working to increase its oil production to 1 million barrels per day and switch to Russia and other markets instead of the US one, Venezuelan Oil Minister Manuel Quevedo told Sputnik on the sidelines of the St.Petersburg International Economic Forum (SPIEF).
"We are working on a plan to increase production to a million barrels per day. The US sanctions have a strong impact on the market. We are looking to diversify to other markets, like Russia, China, India. We already have agreements with those countries," the minister said.
Quevedo added that his country was looking to move to Russia and make it a "substitute" for the US market.
