PDVSA to lift force majeure as production levels improve further

www.vheadline.com Posted: Friday, March 07, 2003 By: Robert Rudnicki

President Hugo Chavez Frias has announced that Petroleos de Venezuela (PDVSA) is ready to lift the force majeure it declared in December as oil production continues to recover from the huge set back it took during the two month long opposition work stoppage which began on December 2.

• The move comes as a clear indication that oil production levels are recovering faster than many had anticipated, particularly rebel PDVSA workers whose latest estimate put production at around 1.6 million barrels per day.

"We have decided to suspend the force majeure on all of PDVSA's operational activities ... we guarantee supplies to the whole world."

The President says that PDVSA is currently producing 2.658 million barrels per day, a figure which is still short of the 3.1 million that was being produced before the strike.