VOL. XLII

No. 22

31-May-1999

OPEC

Venezuela Scales Down Future Production Capacity

In pursuance of policy statements made during thepresidential campaign of Mr. Hugo Chavez, the new Venezuelan administration hasdecided to revise the production capacity target set earlier by state-ownedPetroleos de Venezuela (PDVSA). Oil Minister Ali Rodriguez told the Venezuelancongress on 25 May that "the original plan was to ramp-up oil productionto 6.5mn b/d over the next eight years. That will be reduced to...