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BMI: Venezuela still vital Latin American oil supplier

01/14/2008
Venezuela will account for just 8.04% of Latin American oil demand by 2011 while providing about 28.24% of its oil supply by then, according to a recent analyst report.Business Monitor International’s Venezuela Oil & Gas Report claims that Latin America regional oil demand rose to 7.15 million b/d in 2006. It said the region should average 7.33 million b/d in 2007 and then rise to 8.15 million b/d by 2011. Regional oil production was 10.58 million b/d in 2006. It is set to rise to 11.51 million b/d by 2011.The region consumed 179 billion cu m (bcm) of natural gas in 2006, with demand of 268 bcm targeted for 2011, representing 50% growth. Production of 175 bcm in 2006 should reac...
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