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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.

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