Building a world of
resilient communities.

MAIN LIST

 

Oil output in Venezuela falls short of OPEC quotas

CARACAS, Sept. 9 (Xinhuanet) -- Oil output in Venezuela falls short of quota set by the Organization of Petroleum Exporting Countries (OPEC), according to a report by the organization.

Daily oil yield in the country remained at 2.5 million barrels for two months since July, lagging behind the OPEC-set target of 2.99 million barrels a day, said the report.

Despite slack output, benefits in oil companies of the country increased by a large margin due to rising oil prices in the world market, it noted.

Analysts attributed major reasons for the stagnant oil production to insufficient investment resulting from turbulent situations in the country in recent years, which has frustrated domestic and international investment enthusiasm and induced a capital shortage of some 6 billion dollars.

It was estimated that the country must invest at least 3 billion US dollars a year to update equipment and discover new reserves in order to keep the output at 3 million barrels a day.

As political instability began to calm down, talks have been underway between the government and the enterprises to get the oilsector out of stagnant development.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Hundreds Rally in Alaska to Tell Obama ‘Climate Leaders Don’t Drill the Arctic’

Climate groups rallied in Anchorage, Alaska to demand that the U.S. …

U.S. tight oil production decline

U.S. oil production has begun to drop in response to low oil prices, but not …

Europe Oil Consumption Peaked in 2005

Consumption peaked 7 years after the production peak and is falling now in …

Peak Oil Review - Aug 31

 A weekly roundup, including: -Oil and the global economy -The Middle …

Peak Oil Notes - Aug 27

A midweek update. Oil prices fell sharply on Monday in response to another …

Deflationary Collapse Ahead?

Both the stock market and oil prices have been plunging. Is this “just …

My Chicken of an EV

A little over two years ago, my wife and I entered a new phase of life in …