Building a world of
resilient communities.



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.


The "Syrian Sickness": What Crude Oil Gives, Crude Oil will Take Away

Crude oil had created modern Syria, crude oil has destroyed it.

Drought Influenced Syrian Civil War; So What, Says U.S. Congress

This singular thought, that climate change can stir dangerous human …

Peak Oil Review - Nov 23

A weekly roundup of peak oil news, including: -Quote of the Week -Oil and …

Despite Low Oil Prices, Renewable Power Gaining Traction, Energy Agencies Report — But Not Yet Fast Enough for the Climate

The shift away from coal and towards renewable sources of energy is slowly …

Peak Oil Notes - Nov 19

 A midweek update.Oil futures fell as low as $39.91 a barrel in New …

Keeping warm with minimal heating: small-scale solutions

I discuss some of the ways you can add the equivalent of an extra layer of …

Can We Afford the Future?

As a child of the 1950s I grew up immersed in a near-universal expectation …