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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Joseph Beltran who wrote (27413)	8/9/1998 8:24:00 PM
From: Captain James T. Kirk	Respond to of 95453

Sunday August 9, 3:23 pm Eastern Time Giusti says Venezuela producing 3 mln bpd of oil CARACAS, Aug 9 (Reuters) - Venezuela is pumping around three million barrels of oil a day (bpd), the president of state oil company Petrleos de Venezuela (PDVSA) Luis Giusti said. The figure is a tad above the 2.845 million bpd figure agreed with other OPEC members under a round of output cuts agreed earlier this year in attempt to boost flagging oil prices. But Giusti did not say whether the latest production figure included 250,000 bpd of gas and condensates not included in the agreement. ''Production is more or less three million barrels per day,'' he said during a television interview late Saturday night. Last weekend, Minister of Energy and Mines Erwin Arrieta said Venezuela was in line to meet its pledged 525,000 bpd output cut, even though it is larger than that any other OPEC member has had to shoulder. The final cuts were agreed on July 1 in Vienna, but Giusti has said it will take time to slow production as reducing production is not as simple as merely turning off a tap.