NO. 48


Oil Supply

Venezuelan Production to Rise by 500,000 b/d by Year-End

According to official Venezuelan sources, Venezuela's crude production isprogrammed to increase by 350,000 b/d in September and a further 150,000 b/dby November, for a total increment of 500,000 b/d. The first increment willconsist mainly of medium (22-28 API) crudes and the second of heavy crude fromsteam-flooded fields.