Venezuela President Hugo Chavez declared in his "Alo Presidente" show, that the State's crude production and manufacture will hike by about 1 million barrels a day from 2010 to 2015. He added that the crude supplies will scale about 300,000 barrels a day, representing an increasing oil output, after the end of this year.

With a few countries as the members of Organization of Petroleum Exporting Countries (OPEC) exceeding their output quota, Venezuela is one of them. Climbing the allocation set at the beginning of 2009, the country had pumped an extra 189,000 barrels a day. It had reached to 2.175 million barrels a day last month. So the per day idle capacity for the country reaches 225,000 barrels.

Just as the monetary crisis caused worldwide demand to tumble in 2008, it was OPEC at that time, which usually supplies 40% of the world's oil, it declared its largest output in the history! Thus, today trading around $70 a barrel in New York, all the member countries decided to stray from their agreed limits by raising the oil prices.