CARACAS: Venezuela's state oil company reported Sunday that it reaped a 50 percent increase in earnings in 2008 over the previous year due mainly to high oil prices.

In its annual report, Petroleos de Venezuela (PDVSA) said it earned 9.4 billion dollars in 2008. At 126.3 billion dollars, sales of crude oil were up 31.3 percent over the previous year, the company said.

The figures 'show the financial and operational solidity' of the company, PDVSA said.

'The results obtained during the year 2008 confirm PDVSA as Venezuelans' most important industry, as the fundamental support for the construction of socialism and one of the main companies in the world.'

The company put average crude production at 3.2 million barrels. Including liquefied natural gas, daily production averaged 3.42 million barrels, the company said.

But the Organization of Petroleum Exporting Countries (OPEC) estimates Venezuela's daily production at 2.1 million barrels.

PDVSA countered that it exported 2.9 million barrels a day, which would be an increase of 108,000 barrels a day compared to 2007.

The price of its exports averaged 86.49 dollars in 2008, PDVSA said. So far this year, Venezuela's oil exports have averaged 44 dollars a barrel.