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Venezuela’s phantom oil

Marketwatch -- Venezuelan President Hugo Chávez won’t be at his inauguration ceremony today in Caracas. He’s still in Cuba and gravely ill following another round of heavy-duty cancer treatments.
...
Chávez isn’t the only absentee today. Since 1999, his first year in the presidential palace, about 30% of Venezuela’s oil production has gone missing.

According to the Energy Information Administration, Venezuela’s crude output peaked around 1997 at 3.5 million barrels a day. These days it’s closer to 2.5 million.

This is a huge loss for Venezuela. Even at these reduced production levels, oil accounts for about 95% of the nation’s export earnings and 40% of government revenue. What happened?

the decline rests on 3 things: falling production on existing fields, maintenance problems and shrinking foreign ..

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Submitted Jan 11, 2013 By: BurntOrange

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honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Jan 15, 2013 5:56:23 AM Ignore honda0105 Report Abuse slice: deju posting?
slicerette Champion Author South Bend Posts:3,534 Points:542,180 Joined:Jan 2011	Message Posted: Jan 14, 2013 12:49:26 AM Ignore slicerette Report Abuse One of worst changes put in by President Chavez was the firing of almost 20,000 skilled Venezuelan oil workers and engineers and his replacements are unskilled political cronies. Because of Chavez political tirade, many Venezuelans were killed in oil refinery explosion. Venezuelan oil production dropped almost a third and the skilled oil workers fled to Columbia. Pres. Hugo Chavez oil policies kill people. [Edited by: slicerette at 1/14/2013 12:50:27 AM EST]
honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Jan 14, 2013 12:07:55 AM Ignore honda0105 Report Abuse hmmmm.. Communist Math on the oil? As for Chavez, we'll see if he returns.
DrCashFlow Champion Author Massachusetts Posts:7,075 Points:1,629,095 Joined:Jun 2008	Message Posted: Jan 12, 2013 11:41:05 AM Ignore DrCashFlow Report Abuse He will pass on within the week
Grizdad Champion Author San Bernardino Posts:5,540 Points:785,825 Joined:Oct 2010	Message Posted: Jan 11, 2013 6:44:35 PM Ignore Grizdad Report Abuse Sean Penn to the rescue....
wshutton Champion Author Los Angeles Posts:1,682 Points:927,120 Joined:Mar 2009	Message Posted: Jan 11, 2013 1:57:01 PM Ignore wshutton Report Abuse Must not be too bad to live in a country where a president uses oil profits for the benefit of the country's people. He has taken some things far too far but is definitely better than say Equatorial Guinea where corporate corruption rules. How Tea Party Conservative Republican and Supreme Court of the United Corporations of America of Equatorial Guinea.
nsdp Champion Author San Antonio Posts:1,117 Points:47,340 Joined:Jun 2012	Message Posted: Jan 11, 2013 11:33:50 AM Ignore nsdp Report Abuse The opposition is the group who nationalized the foreign producing assets in Venezuela back in the period from 1979-1983. So the problem of no foreign investment goes back 20 years before Chavez. What makes any one think that will change? All Chavez changed was who got the money.
hrtdi All-Star Author Vermont Posts:782 Points:153,765 Joined:Dec 2012	Message Posted: Jan 11, 2013 10:19:53 AM Ignore hrtdi Report Abuse anyway...
dgarz01 All-Star Author Illinois Posts:684 Points:599,365 Joined:Mar 2011	Message Posted: Jan 11, 2013 9:55:06 AM Ignore dgarz01 Report Abuse Cartel work
BillHeatherL Champion Author Alberta Posts:7,653 Points:1,926,580 Joined:Apr 2007	Message Posted: Jan 11, 2013 9:51:27 AM Ignore BillHeatherL Report Abuse another excuse to use to raise gas prices
rbrk02 Champion Author Rhode Island Posts:5,753 Points:819,180 Joined:Jan 2011	Message Posted: Jan 11, 2013 9:51:05 AM Ignore rbrk02 Report Abuse Good article. BurntOrange, thanks for posting this. Hopefully, Venezuela will, one day, move beyond Chavez and his ilk.
sleuth696 All-Star Author Ventura Posts:953 Points:204,865 Joined:Oct 2012	Message Posted: Jan 11, 2013 9:48:03 AM Ignore sleuth696 Report Abuse Send Obama down there to cover Chavez' absence. Betcha Obama would screw it up worse.
SpruceGuse2 Champion Author Michigan Posts:9,744 Points:2,456,635 Joined:Mar 2006	Message Posted: Jan 11, 2013 9:43:40 AM Ignore SpruceGuse2 Report Abuse Nothing phantom about it................................
Kaiyne Champion Author Chicago Posts:2,349 Points:474,665 Joined:Feb 2011	Message Posted: Jan 11, 2013 9:43:14 AM Ignore Kaiyne Report Abuse May Chávez rest in peace soon.
LongPlay Champion Author Albuquerque Posts:4,253 Points:1,242,125 Joined:May 2008	Message Posted: Jan 11, 2013 9:42:30 AM Ignore LongPlay Report Abuse Socialists tend to do nothing for maximum output! Greed is good; it encourages maximum efficiency.
bobcatfan Champion Author Kentucky Posts:1,613 Points:620,495 Joined:Apr 2011	Message Posted: Jan 11, 2013 9:40:58 AM Ignore bobcatfan Report Abuse Chavez has run Venezuela aground. Hope he never leaves Cuba.
ModelWarships Champion Author Missouri Posts:5,805 Points:1,234,035 Joined:Jul 2008	Message Posted: Jan 11, 2013 9:37:28 AM Ignore ModelWarships Report Abuse what a bunch of idiots electing him when he is barely alive.
georged12 All-Star Author Michigan Posts:856 Points:54,010 Joined:Jun 2012	Message Posted: Jan 11, 2013 9:36:55 AM Ignore georged12 Report Abuse You reap what you sow.
Beboper Champion Author Virginia Posts:8,737 Points:2,165,740 Joined:Oct 2005	Message Posted: Jan 11, 2013 9:36:54 AM Ignore Beboper Report Abuse oh well
ItsMorph Champion Author Grand Rapids Posts:33,452 Points:3,188,105 Joined:Mar 2004	Message Posted: Jan 11, 2013 9:36:22 AM Ignore ItsMorph Report Abuse
Trowinsamoan Champion Author Los Angeles Posts:1,168 Points:188,790 Joined:Nov 2012	Message Posted: Jan 11, 2013 9:35:48 AM Ignore Trowinsamoan Report Abuse They deserve it.
Chadgas All-Star Author Missouri Posts:988 Points:2,176,650 Joined:Feb 2006	Message Posted: Jan 11, 2013 9:35:19 AM Ignore Chadgas Report Abuse What a waste of chemotherapy.
LostAgain2009 Champion Author New Mexico Posts:2,398 Points:711,685 Joined:Apr 2009	Message Posted: Jan 11, 2013 9:35:02 AM Ignore LostAgain2009 Report Abuse Might the end of his regime be in sight?
MrLuigi Champion Author Massachusetts Posts:4,783 Points:968,635 Joined:Jun 2005	Message Posted: Jan 11, 2013 9:34:31 AM Ignore MrLuigi Report Abuse it's all part of the game oil producers play to screw with the market and send prices up and of course nothing gets done about it.....TFN
techque Champion Author St. Louis Posts:8,665 Points:2,422,330 Joined:Apr 2005	Message Posted: Jan 11, 2013 9:34:14 AM Ignore techque Report Abuse Chavez said he didn't need US. Well, he didn't need to produce oil either.
Oldzin All-Star Author Orange County Posts:810 Points:183,325 Joined:Oct 2012	Message Posted: Jan 11, 2013 9:34:13 AM Ignore Oldzin Report Abuse This is what happens when you tamper with the free market system, seize investment from the stockholders, and then play the corporation for political cronyism (read that as Obama and GM=Government Motors and how Obama just told all the stockholders "go away, your stock is worthless, we own it now"). I sure wish Obama and his cronies would pay attention to this, because they are going to cause something similar in this country with their extremist social spending agenda. It will be Hugo Chavez all over again, but on a much more massive scale.
jjjleblanc Champion Author Rochester Posts:5,887 Points:1,521,255 Joined:Jun 2008	Message Posted: Jan 11, 2013 9:34:04 AM Ignore jjjleblanc Report Abuse Probably into leadership's pockets.
INBwana Champion Author Indiana Posts:5,477 Points:697,935 Joined:Apr 2011	Message Posted: Jan 11, 2013 9:33:32 AM Ignore INBwana Report Abuse "oil accounts for about 95% of the nation’s export earnings and 40% of government revenue." The other 5% of export is drugs and the other 60% of revenue is drug profits I assume!
N5EXY Champion Author Austin Posts:5,502 Points:1,512,030 Joined:Jul 2004	Message Posted: Jan 11, 2013 9:32:40 AM Ignore N5EXY Report Abuse Le Morte d'Hugo?
Gville Champion Author Ohio Posts:1,332 Points:1,124,525 Joined:Dec 2006	Message Posted: Jan 11, 2013 9:32:13 AM Ignore Gville Report Abuse Happens when you fire the real experts and replace them with cronies.
mainenightowl All-Star Author Maine Posts:878 Points:308,150 Joined:May 2012	Message Posted: Jan 11, 2013 9:30:48 AM Ignore mainenightowl Report Abuse Doesn't Citgo oil come from Venezuela?
Digger52 Champion Author Chicago Posts:2,417 Points:850,885 Joined:Aug 2008	Message Posted: Jan 11, 2013 9:29:56 AM Ignore Digger52 Report Abuse OK
orphancarguyPE Champion Author PEI Posts:3,860 Points:736,940 Joined:Jan 2011	Message Posted: Jan 11, 2013 9:29:50 AM Ignore orphancarguyPE Report Abuse The next 'missing production' will be likely Saudi Arabia. The barrels of all the oil exporting countries are being scraped
kyrunner Champion Author Lexington Posts:8,987 Points:1,701,875 Joined:Aug 2008	Message Posted: Jan 11, 2013 9:29:49 AM Ignore kyrunner Report Abuse Soon Chavez will assume room temperature and hopefully all of his corrupt goings on will be revealed.
7SPEEDY7 Champion Author Flint Posts:1,301 Points:608,375 Joined:May 2011	Message Posted: Jan 11, 2013 9:24:54 AM Ignore 7SPEEDY7 Report Abuse Interesting!
slicerette Champion Author South Bend Posts:3,534 Points:542,180 Joined:Jan 2011	Message Posted: Jan 11, 2013 8:51:47 AM Ignore slicerette Report Abuse Missing from this article is the fact that Chavez fired all of Venezuelan skilled oil workers several years ago and replaced them with unskilled political cronies. The skilled workers fled to Columbia, while Venezuela's oil production fell 30 per cent, that's what happened to the "missing" oil. It could not be pumped out by the unskilled workers. And the lefties never protested Chavez's massive firing of 20,000 oil workers.
BurntOrange Champion Author Austin Posts:8,738 Points:1,584,965 Joined:Nov 2007	Message Posted: Jan 11, 2013 7:55:14 AM Ignore BurntOrange Report Abuse Obama sent him a get well soon card.
bar1035 Champion Author Charlotte Posts:9,172 Points:1,300,170 Joined:Aug 2006	Message Posted: Jan 11, 2013 7:32:31 AM Ignore bar1035 Report Abuse Back to 3rd world status for you Venezuela. And I agree with gcalleja
mastermariner Champion Author Texas Posts:4,249 Points:495,675 Joined:Jun 2011	Message Posted: Jan 11, 2013 7:27:49 AM Ignore mastermariner Report Abuse May stop the financing of terrorist groups.
Jeffro61 Champion Author Cleveland Posts:2,282 Points:2,287,820 Joined:Oct 2005	Message Posted: Jan 11, 2013 6:55:56 AM Ignore Jeffro61 Report Abuse Ok
gcalleja All-Star Author Miami Posts:924 Points:551,920 Joined:May 2011	Message Posted: Jan 11, 2013 6:53:19 AM Ignore gcalleja Report Abuse Couldn't be happening to a nicer guy!
jeskibuff Champion Author Tampa Posts:7,895 Points:1,450,085 Joined:May 2004	Message Posted: Jan 11, 2013 6:45:06 AM Ignore jeskibuff Report Abuse cheapertvs said: "Can we really thank Hugo Chavez for oil projects funding going to the Dakotas and not to oil projects in Venezuela? I believe that funding from elsewhere would have moved to oil projects in the Dakotas anyway." Investor money goes to where investors believe they can make money. With Chavez's moronic socialistic bent, he nationalized their oil industry and took all incentive for investing away. The money naturally flowed to other potential investments and the Dakotas are a good magnet for it. That is, until Obozo manages to screw it up.
Radar1992 Champion Author Florida Posts:1,335 Points:312,115 Joined:Dec 2011	Message Posted: Jan 11, 2013 6:40:51 AM Ignore Radar1992 Report Abuse Chavez bought his election by providing public welfare to his people and consequently drove significant deficits to the country... Remind you of anyone?
jeskibuff Champion Author Tampa Posts:7,895 Points:1,450,085 Joined:May 2004	Message Posted: Jan 11, 2013 6:36:44 AM Ignore jeskibuff Report Abuse WonderfulMI said: "He was re-elected." Shouldn't that make you happy? Obozo and Chavez are cut from the same mold.
mandoid Champion Author Colorado Springs Posts:7,311 Points:1,529,000 Joined:May 2008	Message Posted: Jan 11, 2013 6:21:05 AM Ignore mandoid Report Abuse banana republic - where we are heading
WonderfulMI Champion Author Michigan Posts:11,660 Points:1,788,860 Joined:Jun 2008	Message Posted: Jan 11, 2013 6:19:44 AM Ignore WonderfulMI Report Abuse He was re-elected.
sawdust1825 All-Star Author Illinois Posts:852 Points:438,605 Joined:Sep 2011	Message Posted: Jan 11, 2013 6:18:05 AM Ignore sawdust1825 Report Abuse He is a cancer to society and his country
TommyTraveler Champion Author Cincinnati Posts:8,689 Points:1,700,255 Joined:Nov 2007	Message Posted: Jan 11, 2013 6:13:49 AM Ignore TommyTraveler Report Abuse A soon to be ripe time for revolution in Venezula.
Ratso Champion Author Ohio Posts:18,808 Points:2,686,545 Joined:Sep 2003	Message Posted: Jan 11, 2013 6:13:47 AM Ignore Ratso Report Abuse Phooey on Chavez ...that creep should pay the ultimate price for screwing the world the way he has done !
sappie Champion Author Massachusetts Posts:3,506 Points:587,570 Joined:Jul 2010	Message Posted: Jan 11, 2013 6:13:43 AM Ignore sappie Report Abuse ok.