Caracas, Jun 23 (IANS): Venezuela President Nicolas Maduro has announced that his country will increase its oil production to meet new quotas set by the Organisation of the Petroleum Exporting Countries (OPEC).

"We must lower the costs of production to help investments and Venezuela will increase its oil production, while upgrading the technology and equipment to be used," Maduro said on Wednesday.

However, the exact quota given by OPEC to Venezuela or the increase in oil production was not disclosed.

The head of state also guaranteed that PDVSA, the national oil company, would carry out this improvement with the maximum efficiency at "our refineries and our petrochemical industry."

At the same event, Eulogio del Pino, minister of oil and mining, said OPEC had pointed to Venezuela as having the leading strategies to balance out the price of oil barrels, which have fluctuated wildly in recent months.

"We are not tied to any dogma of reducing production. We are seeking new plans that will take us to balanced pricing, which justifies the sustainability of investments," added del Pino.

The minister also explained that some of the world's largest oil companies were keen to hear Venezuela's ideas to balance prices.

Oil prices have been on a steady decline since the middle of 2014.