Venezuela defends oil output figures

OPEC member Venezuela accused the Paris-based International Energy Agency of damaging its reputation as a reliable oil supplier by questioning Venezuela’s crude production figures.

Energy Minister Rafael Ramirez insisted that Venezuela, the world’s fifth-largest oil exporter, is producing 3.1 million barrels of crude a day, exceeding its OPEC quota of 2.9 million barrels per day. It also provides about 14% of US oil supplies.