CARACAS, Sept. 9 (Xinhuanet) -- Oil output in Venezuela falls short of quota
set by the Organization of Petroleum Exporting Countries (OPEC), according to a
report by the organization.
Daily oil yield in the country remained at 2.5 million barrels for two
months since July, lagging behind the OPEC-set target of 2.99 million barrels a
day, said the report.
Despite slack output, benefits in oil companies of the country increased by
a large margin due to rising oil prices in the world market, it noted.
Analysts attributed major reasons for the stagnant oil production to
insufficient investment resulting from turbulent situations in the country in
recent years, which has frustrated domestic and international investment
enthusiasm and induced a capital shortage of some 6 billion dollars.
It was estimated that the country must invest at least 3 billion US dollars
a year to update equipment and discover new reserves in order to keep the output
at 3 million barrels a day.
As political instability began to calm down, talks have been underway
between the government and the enterprises to get the oilsector out of stagnant