OPEC reports 1.8% drop in Venezuela's oil output
Member States failed to keep the oil production ceiling
Venezuela's oil drilling in October slipped 1.8% as appears from data supplied by the Organization of Petroleum Exporting Countries (OPEC) in its monthly report.
The numbers of the oil cartel, according to market secondary sources, show that Venezuela produced 2.33 million barrels of oil per day (bpd) in October 2012, compared to 2.38 million bpd drilled in October 2011.
In October this year, however, the Venezuelan monthly output grew 18,300 bpd, or 0.7%, compared to September 2012.
The OPEC report also included the production numbers furnished by Venezuela, under which the domestic production in October 2012 stood for 2.7 million bpd, 33,000 bpd or 1.17% less than 2.81 million in September.
The OPEC production in the aggregate amounted to 30.9 million bpd, including oil production from Iraq. This means that Member States would not observe the oil production ceiling at 30 million bpd that had been agreed by the organization in its last meeting held in the middle of 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.