Venezuela will lift with energy-demand-growth

Nov 20, 1996 01:00 AM

Venezuela will continue to boost its production of crude oil and products over the next 10 years, PDVSA said. Venezuela's strategy is based on taking full advantage of the current sustained 1-2 % growth in global energy demand, of penetrating markets and of broadening Venezuela's resource base. Venezuela expects it will be able to capture about 5 % of that 2 % growth in demand. Venezuela, whose current OPEC quota is 2.359 mmbpd, expects to export 3.03 mmbpd next year. It will have exported an average 2.739 million bpd this year. According to PDVSA estimates, Venezuela could be producing some 5.7 million bpd by the year 2006. Current global energy consumption currently rests at around 72 mmbpd, of which OPEC supplies 25 mmbpd. Energy demand by 2006 is seen rising to around 86 mmbpd.

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