PDVSA to Raise Orinoco Belt Output 39% in 2012

Bloomberg reported that Petroleos de Venezuela SA intends to raise oil production in the Orinoco heavy oil belt by 39% in 2012.

As quoted in the market news:

PDVSA is expanding limited infrastructure in the region, one of the largest oil reserves in the world, so that the company can meet its production goals, said Ramirez, who also serves as the country’s oil minister.

Click here to read the full Bloomberg report.