Slight rebound in Venezuelan crude supply – IEA

According to the February 2003 IEA monthly oil market report, Venezuelan crude oil production rebounded from the early January lows and averaged 0.57 mbd in January.

A gain in light crude oil production in the eastern part of the country was the major influence in this recovery. Early February the crude oil supply is estimated at 1.3 mbd. IEA note that markedly higher production will be more difficult to achieve and take longer time to bring back on stream.

In November 2002 the Venezuelan crude oil production was 3.4 mbd, with refinery runs at 1.1 mbd and crude oil exports at 2.4 mbd. During the first week of February 2003 crude oil production was 1.3 mbd, with refinery runs at 0.38 mbd and crude oil exports at 0.8 mbd.

With the general strike easing, and now confined largely to the oil sector, there have been signs of insurance companies relaxing terms for international shipping companies to trade to Venezuelan ports.