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Venezuela

OPEC forecasts domestic oil consumption rise

03-Jan-2013

 

On 28 December 2012, a report by the Organization of Petroleum Exporting Countries (OPEC) forecasted that Venezuelan domestic oil consumption will rise to 800,000 barrels per day (bpd) by the end of 2012, up from 646,000 bpd at the end of 2011. The increase in domestic consumption was attributed to increased economic growth, the freezing of already subsidized prices, and smuggling.

 

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