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Venezuela's PDVSA urged to ramp oil production to 5 MMbbl/d by 2025

State-owned oil company Petróleos de Venezuela SA, or PDVSA, has been directed by Venezuelan president Nicolas Maduro to increase its oil output to 5 million barrels per day by 2025.

"From bottom to top, boosted by a wise investment strategy, we mean to reach that goal, and our country will be thriving then, living on varied sources of wealth different than petroleum," Maduro said a Jan. 15 news release.

The Venezuelan president also directed PDVSA, along with 23 basic unnamed state industries, to sell 15% of their output in the cryptocurrency Petros in an effort to establish "a new national monetary system" that includes the Petro and the Bolivar Soberano.