On June 25th local time, Venezuelan President Maduro announced that the state-owned Venezuelan Oil Company has achieved its target of producing 1 million barrels of crude oil per day, and emphasized that Venezuela's next goal will be to increase oil production to 3 million barrels per day.

Maduro said that the increase in oil production marks Venezuela's victory over economic constraints, currency manipulation, and hyperinflation, and has successfully recovered from the energy sanctions imposed by the United States on Venezuela. He also announced that the country's inflation rate is expected to reach its lowest level in nearly 30 years by June this year.

According to official data released by Venezuela, the country's daily oil production remained around 860,000 barrels in the first four months of this year. In May, this number increased to over 910,000 barrels, marking a new monthly high since November 2019.

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