Historic Oil Production from Venezuela

Originally uploaded by Heading Out.
This is the curve from the EIA that shows past production of oil from Venezuela, and comes from the report cited last in the previous post.

I would be very wary of what the chart portrays since the beginning of the downturn corresponds to the global recession and the steeper slide reflects the reactionaries' attempt to wreck the Venezuelan economy by shutting down the oil industry. It's only been within the past several months that production has returned to pre-coup (11 April 2002) levels.

Chavez knows all about Peak Oil, and IMO is doing the right things for his country and Bolivarian America.

Kudos to karlof - he is exactly right.

The other item on the agenda in Venezuela is that if the foreign companies are forced out, production will decline for awhile until the Venezuelan domestic industry can take up the slack.

Equipment will not be a problem, as Chavez has already placed liens on the foreign equipment of those who haven't paid their taxes. Confiscation is next.

I have already heard that some of these companies are smuggling their smaller stuff into Colombia to avoid the confiscation...