Venezuela's new oil output claims 'will not change MEES estimates'

27/05/2009

New figures released by Venezuela will not change the estimates of the Middle East Economic Survey (MEES), it has been announced.

Speaking to Bloomberg, David Knott, MEES's editor-in-chief, said that the group will closely watch the Organisation of the Petroleum Exporting Countries (Opec) and the International Energy Agency's (IEA) response to Venezuela's moves.

Juan Carlos Boue, senior adviser to Venezuela's Oil and Energy Ministry, recently published an article which outlined that outside groups such as the IEA should produce higher estimates of oil output from the country.

Mr Knott told the news resource that for now, "we are going to publish the exports estimates from Venezuela as a separate story each month".

Petroleum Intelligence Weekly previously reported that Venezuela has become the first Opec country to independently publish certified export data, which provided a "welcome insight into its output".

The publication puts the output at 2.5 million barrels per day.