Venezuelan domestic hydrocarbons demand up 23% in January-July
Production of crude oil in Venezuela fell 5% in September 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.
A group of some 60 Venezuelan economists from across the country and from different generations and backgrounds, has met regularly in the past couple of years and now has brought forth a document explaining the reasons of the current emergency and outlining specific proposals on how to address the serious economic crisis the country has plunged into over the last three years.