Venezuela’s oil output to hit OPEC quota in late 2005

May 06, 2005 02:00 AM

Venezuela's oil production will be able to reach its daily output quota during the second half of the year, President Hugo Chavez said. The president admitted that production is currently 120,000 bpd below the quota, which is set by OPEC. Earlier, the president had said production stood 100,000 bpd below the desired level.
"During the second semester (of this year) we expect to reach the (assigned) limit," the president said.

OPEC assigned Venezuela a 3.165 mm bpd quota in mid March. Despite Chavez's production claims, analysts believe the country's output is much lower, and could be anywhere between 2.6 mm and 2.7 mm bpd.
Chavez attributed the low production to a series of problems of poor maintenance but, more likely, "sabotage" at various oil fields located in western Venezuela.

State oil company Petroleos de Venezuela is letting a number of temporary work contracts expire, oil union representatives have said. Oil Minister Rafael Ramirez said that some work contracts will be renewed. He insisted that PdVSA has no plans to militarise its premises in the area.
Many observers argue PdVSA has failed to fully recover from a two-month nationwide work stoppage that disrupted oil production and ended in early 2003.

Source: FWN Financial News
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