Venezuela has about 1/2 trillion barrels of heavy oil in the Orinoco Belt. But, since Hugo Chavez took over, their production has dropped from 3.5 million bpd to about 2.7 million bpd (see chart at link below). That represents a 23% reduction in oil production in 9 years. Incompetence is the order of the day in the Venezuelan national oil company (PDVSA).
http://www.eia.doe.gov/emeu/cabs/Venezuela/Oil.html
Venezuela has about 1/2 trillion barrels of heavy oil in the Orinoco Belt. But, since Hugo Chavez took over, their production has dropped from 3.5 million bpd to about 2.7 million bpd (see chart at link below). That represents a 23% reduction in oil production in 9 years. Incompetence is the order of the day in the Venezuelan national oil company (PDVSA).
worker slow down ?