Two developing countries are taking a turn to produce more oil and gain a bigger stake in the oil industry. Both Columbia and Venezuela hope to double oil production in upcoming years. Columbia hopes to reach 1.2 million barrels a day by the end of 2012 and Venezuela plans to increase oil production from the current 3 million barrels per day to 6 million barrels by 2016. If these numbers hold true it looks like both countries will become imperative to the oil industry.
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