Petroleos de Venezuela, the state owned Venezuelan oil company, has said that earnings fell by forty one percent during last year due to the lower oil prices and a decreased output after OPEC member nations cut production.
Net income fell to $4.3 billion from $7.4 billion in the previous year, PDVSA said in a statement. Revenue fell by thirteen percent to $46.2 billion from $53.2 billion.
Earnings at PDVSA, which supplies about forty percent of Venezuelan government revenue and was this year at the center of a struggle between management and President Hugo Chavez over political appointments, were hurt by a drop in prices and production cuts by the Organization of Petroleum Exporting Countries. The decline in oil revenue contributed to a slowdown in Venezuela's economic growth and also an increase in the political instability in the South American nation.
The average price per barrel exported fell to $20.21 in 2001 from $25.91 a year earlier. Exports of oil and oil products fell to an average of 2.7 million barrels a day from 2.8 million in a year earlier, the company said.