Venezuela Has Left 500,000 Bpd Output Out Of OPEC Deal

Now Venezuela’s oil minister admitted there are some difficulties in estimating each OPEC member’s production and reference output level based on the so-called secondary sources.  “We are in favor of taking these sources into account. For us, this question concerns oil production in the oil belt of the Orinoco River, which has heavy oil that needs to be upgraded through special capacities - around 500,000 barrels that are not included in the agreement,” TASS quoted Del Pino as saying. For the end of 2016, Venezuela’s “overall outlook” for production is 2.55-2.6 million bpd, while according to secondary sources it’s around 2 million bpd, Del Pino noted. More…