CARACAS, Jan. 14 (Xinhua) -- Venezuela aims to strengthen its oil sector to boost output in 2018 to 2.5 million barrels per day (bpd), the president of state oil company PDVSA, Manuel Quevedo, said on Sunday.
"We have already taken the first steps ... we are once again close to 1.9 million barrels a day," Quevedo said in a televised interview, speaking of current output levels.
"We have a progressive recovery strategy to improve the industry's finances. 2018 will be the year oil recovers," said Quevedo, an army general who was appointed president of PDVSA in November 2017 amid a crackdown on corruption among company executives.
Venezuela produced close to 2.5 million bpd in 2013, before plummeting oil prices led "to a decrease in the investment needed to increase production," causing a fall in output, said Quevedo.
He added he was committed to meeting the 6 million barrels per day target set by former President Hugo Chavez, who nationalized the country's foreign-owned oil industry.
