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A Sudden Plunge In Venezuelan Production?

by EdH / May 3, 2006 12:44 PM PDT

Potentially a bigger problem than the Bolivia tif.

Is Venezuela's oil production rapidly waning? One source reports that the world's fifth largest oil producer is showing signs of a rapid decrease in production, one of the key tenets of the peak oil theory.

Venezuela is buying oil from Russia in order to avoid defaulting on deliveries to clients. The situation raises serious questions about the country's oil production and the future of PDVSA as a major oil producer, and increases the risk to the U.S. oil supply should the country's oil production suddenly plummet.
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It's hard to tell what the problem is, EdH.
by Dave Konkel [Moderator] / May 3, 2006 1:48 PM PDT

The most likely cause is that because of Chavez' policies hitting foreign oil companies, things aren't necessarily being fixed properly when they break down. That seems more likely (and ultimately fixable) than the fields starting to play out well before their predicted time.

-- Dave K, Speakeasy Moderator
click here to email semods4@yahoo.com

The opinions expressed above are my own,
and do not necessarily reflect those of CNET!

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I wonder if this means that
by TONI H / May 3, 2006 11:35 PM PDT

Citgo/Texaco will be shutting its doors anytime soon since I understand that Chavez/Venezuela is the sole owner of that company now.


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The problem may be that...
by EdH / May 4, 2006 12:03 AM PDT

socialist dictatorships are really lousy businessmen? Note the part about their gifts of oil to Cuba, etc.

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It could also mean that,
by Diana Forum moderator / May 4, 2006 1:04 PM PDT

since they didn't build or maintain the equipment, they are letting it go to seed.


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(NT) (NT) Same thing. Bad businessmen.
by EdH / May 4, 2006 9:00 PM PDT
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