The Oil Drum has been writing about Venezuela’s oil, nothing really new in the articles, but a really nice up to date summary of the status of the Faja with some projections about when things will go online that I still think have to be pushed back two or three years.
What I did like about the article was this long term chart which has production, consumption and imports in it since the mid sixties:
The imports curve is worrisome, as is the consumption curve, I wished they had shown a table of the last few years, it is hard to tell the exact numbers as it is. Interestingly enough the data comes from BP’s statistical review. Younger people may enjoy seeing the numbers all the way back to the 60’s.
The Devil's Excrement 
January 18, 2011 at 10:02 am
The gray part above the green is the consumption. This graph suggests that they are adding the production and consumption, which is a stupid thought. And how can there possibly be net imports? There could be imports, but not NET! (Net=exports-imports – if that’s positive, there are net exports, if negative, reverse the sign and call it net imports. Can’t have both!) Why is that even there? There should instead be a line for net exports, which would be declining in recent years. Lousy graph all around.
2010 production was under 2M bpd? Really?
January 17, 2011 at 7:28 pm
the way i read this chart, in 1965, venezuela produced 3.7mm/day and consumed 3.5mm/day???????
exported 200,000/day?????
i think consumed 200,000/day is more like it. the population was probably 7 or 8mm persons??
January 17, 2011 at 3:21 pm
Hola, Fonden. Aquí tienes un poquito más:
http://www.eluniversal.com/2011/01/17/eco_ava_bcv-transfiere-$1.00_17A4997371.shtml
January 17, 2011 at 11:55 am
Kevin,
The graphic came from Mazama Science (mazamascience.com/OilExport) and it seems it always puts the word “Consumption” in black on top, and “Production” in grey on bottom, regardless (as in Venezuela’s case) if production is larger.
January 16, 2011 at 9:39 pm
Strange thing happen to oil on tankers. The ownership can change hands several times before the tanker makes port. I remember one US case that oil classed as domestic was converted into foreign oil so that they could collect the Foreign Oil Subsidy that was in effect at the time. I bet Venezuela is in some cases buying back its own oil at a higher price after a shell game boat trip.
To make things even more interesting, Venezuela is buying 10 tankers from the Russians. http://laht.com/article.asp?CategoryId=10717&ArticleId=367815
January 16, 2011 at 9:12 pm
Production is the total in gray, the green is exports, the difference is consumption and the line below is imports.
January 16, 2011 at 8:47 pm
What am I not understanding about this graph? If the consumption is grey and the production is green and consumption exceeds production, Venezuela must be as net importer. Are consumption, imports, and production mislabeled?
January 16, 2011 at 6:30 pm
I am not convinced the export/import trick is SOP. There are instances when crude is exported to be stored, i.e. PDVSA’s Bermuda refinery, when there are refinery upsets in Paraguana or PLC. It is later reimported for processing when the refineries are up again. The lost cost is not insignificant, but makes economic sense when compared to the price of a barrel of oil.
IMHO, that is not the point. The point is, WTF? Where are the real numbers? Who is telling the truth? Why no transparency? Why no accountability? Why always the same faces? We all know the answers.
January 16, 2011 at 2:41 pm
Easy, all of the exported oil is accounted for, but not the imported oil. The export number goes up.
January 16, 2011 at 2:24 pm
According to the wikileaks cables, PDVSA exports oil, brings it back in and reexports it, it also exports part of what it imports.
How does that make any kind of sense??
January 16, 2011 at 11:27 am
if I’m reading it right, we’re now effectively paying Azerbaijan for oil delivered to Belarus because we didn’t manage to pump out enough oil to hold up our end of the bargain.
Hush FT, try this new confectionairy, it’s chocolate covered cotton, what do you think?
Think the Germans might buy it?
/Catchup 22
January 16, 2011 at 11:00 am
Quico, you know who signed that agreement without knowing whether it was possible in one of his moments of euphoria.
January 16, 2011 at 11:00 am
According to the wikileaks cables, PDVSA exports oil, brings it back in and reexports it, it also exports part of what it imports.
January 16, 2011 at 10:49 am
So, just curious.
How does PDVSA justify their stated production numbers of over 3 Million BD?
January 16, 2011 at 10:07 am
😉
It’s a totally crazy story – if I’m reading it right, we’re now effectively paying Azerbaijan for oil delivered to Belarus because we didn’t manage to pump out enough oil to hold up our end of the bargain. Crazy!
January 16, 2011 at 9:44 am
Hahaha, sorry Quico, my bad. I mis-read your statement.
January 16, 2011 at 9:39 am
Erm, I think you just pioneered the Bitchy Restatement Correction…
January 16, 2011 at 9:32 am
“(Venezuelan crude would go to the USA and Azer crude would go to Belarus) as a way of reducing the shipping.”
Wrong. The Azer crude promised to the US would be suplied by Venezuela and Azer would supply Belaraus with the promised Venezuelan crude.
January 16, 2011 at 9:06 am
I especially liked his update on the Azeri/Belarusian oil swap.
Originally that was being shipped to Belarus in tankers from Venezuela, and my impression initially was that Venezuela was swapping production with Azerbaijan (Venezuelan crude would go to the USA and Azer crude would go to Belarus) as a way of reducing the shipping. However this week, it transpires that the problem apparently is that Venezuela cannot supply sufficient of the sweet crude to meet world demand, and in particular the 30 mb it sold Belarus. PdVSA is thus having to buy Azer crude to make up the difference between what it can send and what it contracted for.
Great fun!