A picture is worth 10,000 words #37: Oil GDP and production

March 24, 2008

Former PDVSA Economist Ramon Espinasa updated his graphs on oil GDP and oil production and they were publsihed in today’s El Nacional, they paint a grim picture:

In the top panel, he shows Oil GDP/Total GDP for the last few years, which dramatically magnifies what has been going on as oil GDP has been halved as investment and production has dropped.

The bottom panel shows total oil production in the black line, PDVSA production in the gray line. The bottom line shows internal consumption. A picture is indeed worth more than thousands of words. The question is whether the Ministers can even understand them…

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