Venezuelan President Nicolás Maduro announced during a speech at the II Workers' Congress his country's readiness to provide oil and gas stability to the entire world.
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"The doors of Venezuela are open to invest, to produce oil, to produce gas, and to give oil and gas stability to the whole world, including the United States of America," said Maduro on Thursday during his speech at the Workers' Congress.
Likewise, the Venezuelan president clarified that his country is prepared to increase its production to three million barrels quickly, while at the moment they are producing one million barrels.
Oil prices surged again on Wednesday after major oil producers decided to stick to modest output increases despite supply fears amid the Russia-Ukraine conflict.https://t.co/3rzgxiRZrb
— Phil News Agency (@pnagovph) March 3, 2022
According to declarations of the Organization of Petroleum Exporting Countries (OPEC), in January, Venezuela produced 755,000 barrels of crude oil per day.
Oil prices have risen this week due to supply concerns amid international sanctions directed at Russia for its military operation in Ukraine.
Reports indicate that the crisis in Ukraine will inflict economic damage and inflation on the economy worldwide.