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DEPARTMENT OF STATE
WASHINGTON
Petroleum Industry In Venezuela
Production
Production of petroleum in Venezuela has dropped from
a high of 1, 461, 160 barrels daily in January 1950 to approxi-
mately 1,301,675 barrels at present.
Outback in Production
Voluntary cutbacks in production now total 159,485
barrels daily, or approximately 11 per cent. This compares
with a reduction of 11. 4 per cent in the average daily
production in the United States in 1949.
Monthly production schedules of the leading companies
in Venezuela provide for further cuts.
In addition to the cutback, Venezuela has reduced by
20 per cent exports of petroleum to the United States.
Distribution
Shipments of Venezuelan petroleum to the United States
account for about 40 per cent of the total production.
Some 15 per cent of this total is sold as bunkers for ships.
Europe takes about 35 per cent.
The remaining 25 per cent is marketed in Venezuela,
Canada and other countries.
Quality of Petroleum
Production consists chiefly of heavy oil with fuel oil
as the principal derivative.
Petroleum Produced by Private Companies
The petroleum is produced by private companies. All
but one are American-owned.
Participation of Venezuelan Government in Profits
The Government's share of the profits is never less
than
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"ocrText": "DEPARTMENT OF STATE\nWASHINGTON\nPetroleum Industry In Venezuela\nProduction\nProduction of petroleum in Venezuela has dropped from\na high of 1, 461, 160 barrels daily in January 1950 to approxi-\nmately 1,301,675 barrels at present.\nOutback in Production\nVoluntary cutbacks in production now total 159,485\nbarrels daily, or approximately 11 per cent. This compares\nwith a reduction of 11. 4 per cent in the average daily\nproduction in the United States in 1949.\nMonthly production schedules of the leading companies\nin Venezuela provide for further cuts.\nIn addition to the cutback, Venezuela has reduced by\n20 per cent exports of petroleum to the United States.\nDistribution\nShipments of Venezuelan petroleum to the United States\naccount for about 40 per cent of the total production.\nSome 15 per cent of this total is sold as bunkers for ships.\nEurope takes about 35 per cent.\nThe remaining 25 per cent is marketed in Venezuela,\nCanada and other countries.\nQuality of Petroleum\nProduction consists chiefly of heavy oil with fuel oil\nas the principal derivative.\nPetroleum Produced by Private Companies\nThe petroleum is produced by private companies. All\nbut one are American-owned.\nParticipation of Venezuelan Government in Profits\nThe Government's share of the profits is never less\nthan"
}