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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (26006)	10/1/2003 7:48:29 AM
From: Tomas	Read Replies (2) \| Respond to of 206085

Houston analyst report questions Venezuela´s credibility on oil production Petroleum World, September 30 By Elio Ohep CARACAS 09 30 03 Venezuela´s overall oil exports may be closer to the 1.7-mil b/d level rather than the 2.7-mil b/d Venezuela´s oil company PDVSA states. according to a report by CIBC Houston circulating Monday, reported Platts. CIBC analyst Allan Brooks raises new questions about the true level of Venezuelan oil production and exports, hinting they may be well below what government claims. Exports "are at or below 2-mil b/d and falling." Brooks writes. Overall production is also probably far below government claims of 3.3-mil b/d, according comments by the central bank and maritime tanker industry sources, Brooks concludes. Maza Zavala a Venezuela´s Central Bank governor said recently that oil sales income are running at only about $1-bil a month, instead of a more normal $1.3-bil., so that will take exports far below the $1.8-bil/mo that would be indicated by export income of 2.8-mil b/d, with an average $25/bbl for basket price of crudes, the report said. Another sign that may confirm the decrease oil Venezuela´s oil production is OPEC´s last week production decision that put Venezuela´s quota to 2.819-mil b/d as of Nov 1, which had been at 2.923-mil b/d. petroleumworld.com