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
"Cocoa is to Venezuelans what wine is to the French," says Alejandro Prosperi, head of the Venezuelan Chamber of Cocoa, using this simile to express the paramount importance or the cocoa industry for the country. Often times heralded as "the best cocoa in the world," a passion for quality dating back to the sixteenth century has made Venezuelan cocoa growers to enjoy high prestige at international level and their product to be among the most sought-after in the world.