[El Universal] Oil prices have risen in world markets, but declining exports of oil by state-run oil company Petróleos de Venezuela (Pdvsa) has prevented recovery of the sector that generates more US dollars to the Venezuelan economy. During the first nine months, the oil sector tumbled 3 percent, as shown in the data submitted on Tuesday by the Central Bank of Venezuela (BCV).
The oil sector's Gross Domestic Product (GDP), which has an accumulated decline of 11.4 percent since the third quarter of 2008, has been hit by the drop in oil production. While the BCV attributes such performance to the agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil output, official data issued by state-run oil company Petróleos de Venezuela (Pdvsa) show that the Venezuelan government invests increasingly fewer funds to improve production levels.
The state-run oil holding reported in its recent financial statements that it has invested USD 5.23 billion in operation and exploration activities in the first half, while it invested USD 7.63 billion in the same period last year, a 31.4 percent decline in a year.