Yemen announced on Friday its intentions to increase its oil production, which the economy is largely dependent on, up to 300000 barrel per day, an increase of more than 33 percent.The Oil Minister, Hisham Sharaf, told Reuters that Yemen will raise its crude oil production by developing the existing oil fields and repairing its damaged pipelines, which were subjected to attacks."If we could develop the existing oil fields and repair the damaged pipelines, we would be able to increase the oil production to 300000 bpd by the end of this year," Sharaf was quoted by Reuters as saying.Yemen is currently produces 220000 barrel per day."We have plans to develop several fields and start producing crude oil from new fields in the coming five years. We expect that eventually will result in increasing the oil production to 400000 bpd as the oil explored in the country is less than 15 percent of the total Yemeni area." Sharaf added.Oil and gas production has sharply decreased since last year as the pipelines are frequently subjected to sabotage attacks.Last night, al-Qaeda militants blew up the gas pipelines in the southeastern province of Shabwa.It's interesting to note that this was the third sabotage attack on the gas pipelines in April.