Venezuela’s Oil Production Surged 5 Percent in 2011

Reuters reported that Venezuela’s oil production surged 5 percent to 2.99 million barrels per day in 2011.

As quoted in the market news:

Venezuela’s oil production had steadily declined since a months-long strike in 2002, falling to 2.85 million bpd by 2010. A year later, state oil company PDVSA announced it was investing $2 billion in a plan to ramp up output from Orinoco projects.

Click here to read the full Reuters report.