7:22p ET January 27, 2011 (Dow Jones) Few Discrepancies In Venezuela Government Oil Export Data – Barclays
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CARACAS (Dow Jones)–Venezuela’s actual oil exports, which have long been questioned by industry organizations, are likely to be close to the government’s official data, Barclays Capital analysts said in a research note Thursday.
In a new study, the bank compared Venezuela’s reported oil exports since 2005 with what other countries reported as imports from the South American nation and found only marginal discrepancies.
“We do not find a major deviation from the official export data published by Venezuelan institutions,” the bank said, adding, “therefore, we maintain our view that Venezuela does not have a problem of cash constraints.”
With the petroleum sector serving as the lifeblood of the Venezuelan economy, economists and bond investors pay close attention to oil prices as well as the country’s production and export levels to gauge its ability to make debt payments.
The bank estimated Venezuela exported 2.4 million barrels a day in 2010, down from an estimated 2.5 million in the previous year. For 2010, Barclays estimated that about 2 million barrels a day were sold at market price while the remainder were sold “under preferential conditions.”
That compares to the Venezuelan government figures, which put 2009 exports at nearly 2.7 million barrels per day and 2.44 million barrels per day during the first half of 2010. The country said it produced 3.1 million barrels per day in the first half of CONTINUES HERE