PDVSA: IEA publishing erroneous Venezuela oil production figures

Venezuela’s state oil company said the International Energy Agency is publishing erroneous Venezuelan oil production figures and is declining invitations to visit and verify supply from the South American country.

Petroleos de Venezuela SA, or PDVSA, said in a statement late Sunday that it wanted to “alert public opinion about figures from secondary sources, like the International Energy Agency, whose figures are clearly incorrect.”
Venezuela says it produces about 3.3 million barrels a day, but many outside sources — including the IEA, Organization of Petroleum Exporting Countries, and the U.S. Energy Information Agency — put actual production closer to about 2.5 million barrels a day.

Critics of President Hugo Chavez’s government say his administration has mismanaged the oil industry by appointing political allies to PDVSA and by using oil revenues on government social programs instead of reinvesting in PDVSA operations.

PDVSA denies charges of mismanagement and pledges to double production over the next six years.

International Herald Tribune