Venezuela oil output down to 1.09 mln bpd-opposition

biz.yahoo.com Reuters Sunday March 2, 2:42 pm ET

CARACAS, Venezuela, March 2 (Reuters) - Venezuela's crude output remained stunted over the weekend after state oil firm Petroleos de Venezuela (PDVSA) was forced to shut in 450,000 barrels per day (bpd) of production last week, dissident oil workers said.

The government, battling to restart the country's strategic oil sector amid a strike that began Dec. 2, temporarily reduced flows from eastern Venezuela by nearly 500,000 bpd on Friday due to an export slowdown.

As shipments decreased, crude stocks at lifting terminals built up and eventually caused oil to be shut at the wellhead.

Dissident PDVSA workers, thousands of whom were fired by President Hugo Chavez during the two-month strike, reported Venezuela was pumping only 1.09 million bpd over the weekend, about 40,000 bpd below Friday levels.

But Energy Minister Rafael Ramirez told state news agency Venpres on Sunday that output was 2 million bpd, flat with levels before the shutdown. But PDVSA managers admitted last week that eastern output had been reduced, although they said fields could be restarted quickly when tankers drained crude stocks.

The OPEC member nation's exports have been held to about half of the nearly 2.7 million bpd shipped before the strike in recent weeks despite government efforts. Oil sales provide 50 percent of state revenue.

Normally the world's No. 5 oil exporter, Venezuelan production has been slashed from 3.1 million bpd in November to under 150,000 bpd at its lowest point during the stoppage, which also cut domestic refinery runs.

Ramirez said an attempt was made on Friday to sabotage a natural gas pipeline feeding the giant 940,000 bpd Amuay-Cardon refinery. However, he said the Cardon plant was still producing 60,000 bpd of gasoline, and that the Amuay plant was on track to restart 140,000 bpd of gasoline production this week.

With the restoration of Amuay-Cardon gasoline units, the government hopes to once again be self-sufficient in fuel supplies by the middle of March. Due to strike-related disruptions, Venezuela has been importing gasoline to meet domestic demand of about 200,000 bpd.