Venezuela/Crude Output: Sharp Decline In Eastern Part

sg.biz.yahoo.com Thursday February 6, 3:57 AM

CARACAS (Dow Jones)--Venezuela's crude oil output fell to 1.04 million barrels per day (b/d) Wednesday, compared with around 1.22 million b/d Tuesday, dissident staff of state-owned oil monopoly Petroleos de Venezuela (E.PVZ) said Wednesday.

The biggest decline was noted in the eastern part of the country where 692,000 b/d is being produced, compared to 852,000 the previous days. The decline is due to maintenance work at fields that had been virtually pumping at capacity in Monagas State, one industry source said. "This is what it is going to be like in the coming weeks - production will vary," the source said on condition of anonymity.

Another 300,000 b/d on top of the current 692,000 b/d could be produced in the east in the coming weeks, dissident PdVSA staff have said.

Production in the west stood at 260,000 b/d, compared to 280,000 b/d the previous days. In the southern region, 92,000 b/d were being produced.

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02-05-03 1457ET