Venezuelan oil supply declines in the global market

After more than five years of the high oil price bonanza, it seems Venezuela has not seized the opportunity to boost oil domestic output and gain more room in the oil market. 

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