Venezuela Denies It Went Over OPEC's Quota
Alvaro Silva, Minister of Energy and Mines, has denied a report that Venezuela is breaking its OPEC quota, saying that it is producing oil according to cartel limits. Silva was responding to a report that the government had ordered state oil firm PDVSA to produce more than the country's OPEC quota, set at 2.497 million barrels per day (bpd) during the cartel's meeting in December.
"Venezuela is producing at its OPEC quota," the Minister said. Venezuela produced around 100,000 bpd above its quota in the first three months of this year, according to Reuters figures.
Disruption to production during protests leading up to a failed military coup against President Hugo Chavez cut Venezuela's April production nearly 50,000 bpd below its formal quota.