Colombia exceeded its goal of producing 1 million barrels per day (bpd) of oil, hitting 1.11 mn bpd over the weekend, President Juan Manuel Santos said.

"We had said that at some point during the four-year term we would produce more than 1 million barrels of petroleum a day. It seems that yesterday we passed 1 million," the president said during a visit Sunday to San Andres Island.

"This is very good news for the country," Santos said.

The president, who took office in August 2010, said at the start of his term that higher oil and mining production would be one of the engines of Colombia's economy.

Finance and Public Credit Minister Mauricio Cardenas, however, acknowledged at the unveiling last Friday of the 2013 budget that the oil production target had been lowered from an initial 1.06 million bpd to 981,000 bpd.

The decision to lower the target was a response to the realities of daily oil production in Colombia, the No. 4 oil producer in Latin America, trailing Venezuela, Mexico and Brazil, the minister said.

Colombia has petroleum reserves of some 2.2 billion barrels and produced 914,000 bpd of oil in 2011. EFE