ESPACIO PUBLICITARIO
CARACAS, Thursday October 11, 2012 | Update
 
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OIL

Venezuelan domestic hydrocarbons demand up 23% in January-July

Production of crude oil in Venezuela fell 5% in September 2012

The growth of the domestic market was mostly due to increasing demand of gasoline and jet fuel (File photo)
ERNESTO J. TOVAR |  EL UNIVERSAL
Thursday October 11, 2012  11:45 AM
The Organization of Petroleum Exporting Countries (OPEC) reported that given the economic growth recorded in Venezuela in the first two quarters, demand for oil and byproducts increased by 23% over the first seven months of 2012.

According to the OPEC, the substantial demand of gasoline and jet fuel is accountable for such increase in domestic demand. "More than one third of the hydrocarbons domestic market is made up by gasoline," the OPEC asserted in its report.

Factors such as the 4.7% increase in electricity demand and a growing construction sector (22% up during the first semester of 2012) suggest that an increase in power consumption is expected, and consequently, in the hydrocarbons domestic market.

OPEC projections show that gasoline consumption in Venezuela is to growth by 40,000 barrels, in comparison with 2011, when gasoline consumption hit 293,000 barrels per day (bpd) on average. 

As for local production, the OPEC monthly report shows that Venezuelan crude oil extraction in September 2012 was 2.32 million bdp. This figure represents a 5% drop in comparison with September 2011, when production of Venezuelan oil was 2.44 million bpd; it also reveals a reduction of 293,000 bpd in comparison with August 2012.
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