Venezuela increases petroleum imports despite vast deposits at home

Statistics released by Venezuela's Central Bank show the oil-rich country has increased petroleum imports by nearly 150 percent between the first quarter of 2007 and the same period this year.
The bank figures demonstrate that petroleum imports reached US$1.5 billion (¤964 million) during the first quarter of 2008 _ their highest level for more than a decade _ and include diesel oil, gasoline and chemical additives to improve gasoline products. Economist Gustavo Garcia said Thursday that the growth in importations «demonstrates production has fallen. Venezuela's state oil company says they produced 3.15 million barrels per day last year. Analysts including the Paris-based International Energy Administration put Venezuela's production at around 2.4 million bpd.