Venezuela's hydrocarbon domestic demand up 5% in 2012
The Organization of Petroleum Exporting Countries said demand has increased by 36,000 bpd this year
In its latest monthly report, the organization stated oil demand soared 5% (36,000 bpd) during the first three quarters of the year, meaning that Venezuela's oil by-products domestic demand accounts for 720,000 bpd.
OPEC estimates that the rise in fuel demand in the third quarter may have exceeded 60,000 bpd, 20,000 barrels above the figure recorded in the second quarter (40,000 bpd).
OPEC added that the rise in by-products demand is accompanied by a solid 4.5% growth in the Venezuelan economy throughout 2012.
Moreover, subsidies such as those for gasoline and diesel have boosted consumption and may continue having an impact in 2013.
As reported last week by Minister of Petroleum and Mining Rafael Ramírez, domestic gasoline demand amounts to 298,000 bpd "It is higher than what we hope for," he said.
Translated by Jhean Cabrera
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.