Venezuela oil exports fall to 480,000 bpd in week-sources

www.forbes.com Reuters, 01.19.03, 6:41 PM ET

CARACAS, Venezuela (Reuters) - Crude oil exports from strike-bound Venezuela fell by 45,000 barrels per day (bpd) to 480,000 bpd last week, or one sixth of the pre-strike level, shipping sources said Sunday.

Crude exports fell to 480,000 bpd in the week to January 18, versus 525,000 bpd in the previous week, according to calculations made by Reuters based on data from shipping sources and state oil company Petroleos de Venezuela (PDVSA). One shipper saw exports rising next week as he expected more pilots to be available in the western Lake Maracaibo. Another agent said dock workers were abundant in main eastern ports, although the strike has disabled many automated systems and loading rates have fallen from 40,000 barrels an hour to just 6,500 in one port.

The OPEC nation exported approximately 2.7 million bpd of crude oil and refined products before the seven-week-old strike, aimed at forcing President Hugo Chavez to resign.

The strike draws support from many of PDVSA's 37,000 workforce in oilfields, refineries, tankers and ports. But PDVSA President Ali Rodriguez has sacked some 1,500 absentee workers, split the company into two operating units, and hired replacement staff to restore operations.

Both government and opposition figures show oil output doubling last week, although government data show current flows at 1.2 million bpd, while strikers peg it at 650,000.

Only ships chartered by PDVSA and its U.S. subsidiary Citgo have been loading cargoes for export because foreign customers are concerned about insurance risks associated with uncertified staff in the terminals.

Foreign oil companies have commissioned an audit of Venezuelan ports to be conducted this week which will determine whether their loadings can resume.