Sun, Aug 15, 2004 - Page 11 News List

Oil market could suffer if Chavez loses referendum

DILEMMA Analysts say if the Venezuelan president is forced to step down, the opposition will have a tough time working with the state-run oil company

AP , CARACAS, VENEZUELA

Critics also say the firings cost the company crucial expertise and manpower, though Chavez insists they helped cut costs and trim a bloated bureaucracy.

Chavez claims Venezuela is pumping more than 3 million barrels a day, equal to the amount produced before the strike.

Oil industry insiders disagree, placing output at 2.5 million to 2.6 million barrels per day. Production will not fully recover without a massive investment, they say.

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