Energy Industry
Industry: Email Alert RSS FeedVenezuela - Oil Policy Position.
APS Review Gas Market Trends, November, 2002
Oil production in Venezuela has since early September averaged about 2.83m b/d, compared to an OPEC quota of 2.497m b/d. Rafael Ramirez, the Venezuelan minister of energy and mines since July 2002, was quoted by Petroleum Argus on Oct. 21 as saying that Caracas wanted a full re-examination of OPEC market strategy, including quota allocations. He added: "Our position is that OPEC has to have a strategic discussion, not just about the quota. We have to discuss investment requirements for crude production, competition between producing countries, actors in the market, and the new situation in the oil market".
Argus said in the same Oct. 21 report: "The overthrow of the Iraqi regime would force a complete rethink of the (OPEC) system. If Iraq become a US...
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