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No facts here either but one should pay attention t the following comment to the article here http://www.danieldrezner.com/archives/002738.html :


"The straw that will break the back of Chavez is the lack of attention paid to Venezuela's crumbling energy producing (both oil and refining) infrastructure. Venezuela is trending down on oil production as prices go up, so he wants OPEC to do the same until he can get up to speed. Unfortunately, the incompetent people he has appointed to run the oil ministry aren't helping, or even remotely capable, of turning this situation around. He'll be looking soon to quietly bring in some foreign expertise to turn the situation around, if that is possible. The whole saber rattling against the U.S. act is a total diversion, and the press is swallowing it hook, line, and sinker.
posted by: Don Mynack on 06.01.06 at 02:17 PM [permalink]"


That comment applies to almost all state owned oil companies (with the possible exception of Petrobras). most State owned companies deplete the resources rather than invest in them. In short, there are very few areas of the world that can increase production. Most areas of the world have declining production:

http://www.guardian.co.uk/business/2007/oct/22/oilandpetrol....
http://www.straightstocks.com/current-market-news/declining-...
http://www.rigzone.com/news/article.asp?a_id=53040



Rob S
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