Venezuelan oil output slides 2.46% in May

Jun 12, 2013 12:00 AM

The Organization of Petroleum Exporting Countries (OPEC) noted in its monthly report that Venezuelan oil output amounted to 2.72 million barrels per day (bpd) in May, according to data supplied by the very Venezuelan State.

This means a 2.46% drop compared with 2.82 million bpd in May 2012.

The Venezuelan Ministry of Petroleum and Mining has acknowledged a decline in production areas in East Venezuela because of glitches in the reservoirs. This is the case of El Furrial, in the northern part of Monagas state.

Output in May 2013 put Venezuela among the top first OPEC producing countries. The report states that Saudi Arabia was the largest producer for 9.65 million bpd.

Even in the absence of information for this month, Iran is deemed to be in the second place for having drilled in the past months around 3.7 million bpd on average. Iraq and Kuwait follow, at 3.07 million bpd and 2.96 million bpd, respectively, according to data collected by the OPEC.

Growing demand in 2013

The OPEC analysis of the energy market concluded that oil world demand will speed up in the second half of 2013, adding that the cartel might lift its production.

Demand is expected to rise at 900,000 bpd the rest of this current year, versus some 700,000 bpd in January-May.

In the aggregate in 2013, the OPEC monthly report reckons that global demand will advance by 800,000 bpd, in line with the growth detected last year.

Consumption in non-OPEC counties is estimated to thicken by 1.2 million bpd, slightly below the last year volume.

China will remain as the driving force of raising consumption, by 400,000 bpd, followed by the Middle East with additional 300,000 bpd and the rest of Asia and Latin America for about 200,000 bpd each.

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