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:  

Peak Oil Review - Mar 30

A weejly review including Oil and the Global Economy, The Middle East & …

Why This Tea Party Leader Is Seeing Green on Solar Energy

As a founder of the Tea Party movement, Debbie Dooley may be an unlikely …

2014 biggest year ever for solar, but oil price threat looms

Will only time tell whether it will be enough to keep solar panels cheap …

Rethink the Grid: Personal Power Stations

Rethinking the grid is quickly emerging as one of the hottest topics.

Goldilocks Is Dead

For oil, the Goldilocks zone has ceased to exist. This will have staggering …

US enters undulating crude oil production plateau in 2015

Feel-good-outlooks make the TV audience happy, but sleepy.

Global Shale Fail: Oil Majors Leaving Fracking Fields Across Europe, Asia

As Post Carbon Institute has pointed out in two major reports, estimated …