Venezuela lacks investment to boost crude production, says advisor to central bank

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CARACAS, February 18. /TASS/. Venezuela does not have sufficient resources for boosting its oil production and redirecting export supplies now, Advisor to the Central Bank of Venezuela and former Venezuelan Ambassador to Russia (2003-2005) Carlos Mendoza Pottela said in an interview with TASS.

“Currently it is very difficult to say how much funds will be needed to raise crude production,” he said, adding that “it will take several years to resume production,” and “in today’s state resources are insufficient to boost output.”

According to the official, “the US is the main buyer of (Venezuelan – TASS) oil.” “Of course, supplies of Venezuelan oil should be redirected now to other potential markets – China and India, though those markets are not the best option in terms of transportation costs. Moreover, Russia, Saudi Arabia, Azerbaijan are strong competitors,” he explained.

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