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In Venezuela, the inevitable begins
Posted by: McQ on Friday, May 18, 2007

Under the category of "well this comes as no surprise", we visit dear Hugo Chavez and Venezuela:
Venezuela's revenues from crude exports by the state oil company fell 10 percent in the first three months of this year amid lower prices, OPEC-mandated production cuts and reports of falling production at the South American country.
Well yeah, that all sounds like excuses that are out of Hugo's control, but then the article ends with:
Analysts have suggested that the Venezuelan industry is suffering from a dropoff in private investment as companies respond to moves by President Hugo Chavez's government to tighten its control over the industry. They also say the state oil company, which has taken majority control of the oil industry, is overburdened from the Chavez administration using it to fund its social initiatives and nationalizations in other sectors.
Or said another way, there's no real reinvestment going on there and it is beginning to show. For those that think all an oil company has to do is pump, ship and bank the money, it's a little more complex than that ... and costly as well.

Another interesting factoid. In the mostly still private economy, boomtime. In the completely socialist portion of it, i.e. the oil industry, splat!
Central bank figures also showed that while Venezuela's economy grew 8.8 percent during the period, oil industry activity contracted sharply by 5.6 percent.
My guess is Hugo's going to be eyeing that engine that produced the 8.8% growth rather enviously in the very near future.

Oh, and one more nugget:
The figures come amid increasing doubts about the health of Venezuela's oil industry, whose output has been steadily declining according to outside estimates.

The government insists Venezuela is producing about 3.1 million barrels a day, but the International Energy Agency put Venezuelan output at 2.35 million barrels in April. OPEC's latest estimate, also based on independent sources, was 2.37 million barrels a day.
The lying to themselves has already begun. I'm sure, very soon, the decline will be blamed on the US.
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Previous Comments to this Post 

I’ve actually seen Valero commercials on TV though.
I think they could increase revenue by putting smiling Hugo’s face on the little archer dude Diamond Shamrock used to use as their company icon.
Written By: looker
URL: http://
I’m sure, very soon, the decline will be blamed on the US. Jimmy Carter.

Written By: Aldo
URL: http://
Velero or Citgo??
Written By: coaster
URL: http://
Now we’ll get the chance to watch the Dems try to emulate Hugo in this country.
Written By: BravoZulu
URL: http://
Coaster - Valero

Good that you asked, a simple net search proved me wrong.- I’m wondering now if I’m the Patsy of an urban myth that I ran across in the last year, from around the same time as the Citgo shift.
Then again the linkage may have been created in my own mind, from being mentioned in Citgo stories.

Valero is about refining and reading now I see that Valero may be involved in purchasing refinery capacity from Citgo/Chavez since Hugo feels he’s getting screwed by us buying and refining his oil.

My bad, clearly.

Written By: looker
URL: http://

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