Venezuelan oil supply declines in the global market
Since 1999, other OPEC member countries have reported a 10.6% rise in production
In fact, compared to other members of the Organization of Petroleum Exporting Countries (OPEC), Venezuela has lost ground.
Secondary sources have revealed that the country's total output slipped from 2.8 million barrels per day (bpd) in 1999 to 2.35 million bpd in 2012.
In other words, while Venezuela suffered a 16% downshift, OPEC boosted production from 26.6 million bpd in 1999 to 29.3 million bpd in 2012 (10.6%).
Thus, the evolution of the country as an oil supplier within OPEC has slowed down from 10.5% to 8%, eventually.
According to consultancy firm ODH Grupo Consultor, "oil price fluctuation is not held accountable for such production trend. While oil price sharply increased from 1999 through 2011, oil output fluctuated standing at low levels mainly."
Furthermore, the firm asserts that although the Venezuelan Government has informed domestic oil output has not increased in compliance with OPEC's quota, from 1999 through 2011 the rest of the members of the organization have reported a rise in production, except for Libya whose oil output has declined since 2011 due to the country's civil unrest.
Translated by Jhean Cabrera
José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."