Venezuela Playing Truant With Oil Output:
http://www.tradingmarkets.com/tm.site/news/BREAKING%20NEWS/201360/
(RTTNews) - Wednesday, Venezuela Energy Minister
Rafael Ramirez stated that a special meeting of the
OPEC energy ministers in Caracas net June would
make ‘very important decisions' on crude production.
Ramirez, who is also the president of state-owned
Petroleos de Venezuela, said, "We expect that for this
next meeting here in Caracas, they are going to make
very important decisions linked to production levels."
Energy ministers of the 11-nation Organization of
Petroleum Exporting Countries are due to arrive on
March 30 and 31 for the extraordinary meeting on June 1.
OPEC, which supplies about 40% of the world's crude oil,
decided in its March 8 meeting to maintain production at
28 million barrels a day, despite Ramirez pushing for a cut.
Venezuela is the world's fifth largest oil exporter and holds
the largest proven oil reserves outside the Middle East.
The only Latin American member of OPEC, Venezuela
has a production quota of 3.1 million barrels.
Exxon Mobil is moving to temporarily halt production at a
Venezuelan oil field after the state-oil company said it
would stop transporting crude from the site, Exxon said
Wednesday.
La Ceiba pumps only around 12,000 barrels a day,
but the sudden shutdown emphasizes the risks
of investing in a country that continually rewrites
the rules of the game.
The shut down is the latest in a string of setbacks
for Exxon. Exxon had been curtailing its investments
in Venezuela amid the deteriorating business environment.
At Cerro Negro, a 120,000 b/d heavy crude project,
Exxon has put off any new drilling until next year.
Exxon's troubles serve as a warning for other oil
and gas companies looking to tap Venezuela's
vast reserves.
Venezuelan President Hugo Chavez has been
claiming that he is "re-nationalizing" the oil industry.
A previous government used preferential taxes to
attract private investment in the oil industry.
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Auntie : For God's sake, what now?
Master: Who run Bartertown?
Auntie : Dammit, I told you, no more embargos.
Master: More, Blaster.
[the Blaster puts all power out]
Master: Who run Bartertown? Who... run... Bartertown?
Auntie : ...You know who.
Master: Say.
Auntie : Master Blaster.
Master: Say loud!
[Master turns on the town loudspeakers]
Auntie : Master Blaster.
Master: Master Blaster... what?
Auntie : Master Blaster runs Bartertown.
Master: Louder!
Auntie : Master Blaster runs Bartertown!
Master: Lift embargo.
- Mad Max Beyond Thunderdome
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