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OPEC highlights a 5.5% increase in Venezuela's oil output

Thursday, 16 February 2012 | 11:00
Venezuela's oil production improved in January 2012, according to statistics compiled by the Organization of the Petroleum Exporting Countries (OPEC), based on data released by member countries.
Venezuelan oil output averaged 2.38 million barrels a day (bpd) during the month of January, according to data published in OPEC's monthly report. It was a 5.5% rise in Venezuela's oil output compared to January 2011. At that time, the oil production of the South American country stood at 2.25 million barrels.
According to a monthly comparison, Venezuela's oil output declined 7,700 bpd compared to December 2011 (2.39 million barrels.)
The data provided by OPEC do not yet reflect the upgraded oil exports that Venezuela advocates as oil production and which would push oil production up to about 2.9 million barrels per day.
Non-OECD countries and regions such as China, India, Middle East and Latin America are the largest contributors to the rise in oil demand in 2012, OPEC said.
Source: El Universal
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