VENEZUELA: PROMINENT PLAYER IN 90S ENERGY SCENE?

The Journal Record | August 31, 1990 | Copyright

By James Brooke LAGUNILLAS, Venezuela - The lines of oil wells that stretch across Lake Maracaibo here are pumping higher volumes of crude to help offset the shortage caused by the embargo of oil from Iraq and Kuwait.

By the end of September, an extra 350,000 barrels a day should be flowing from Venezuelan oilfields, and by the end of December nearly 500,000 more barrels a day. Two-thirds of that oil is likely to be sold to the United States, Venezuela's largest customer.

Last year, Venezuela sold 1 million barrels a day to the United States, 18 percent of U.S. oil imports and ...

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