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Venezuela to maintain oil industry framework

  • Venezuela will continue to maintain its oil industry tax and legal framework under the leadership of acting President Nicolas Maduro, according to the OPEC nation's oil minister on Friday.

    Rafael Ramirez told Reuters news agency that Venezuela would still aim for a minimum price of $100 per barrel at the next OPEC meeting.

    His comments come after concerns were raised following the death of President Hugo Chavez on Tuesday.

    "The tax and legal framework were set out clearly by President Chavez…While our government is here and the people remain in charge, our oil policy will remain unchanged."

    Ramirez added he expects the South American nation to ramp up its oil output by 500,000 barrels per day (bpd) this year, bringing its total production to around 3.5 million bpd.

    Explore the geographical locations of Venezuela through Venezuela Map