Weekly Report - 14 March 2006

VENEZUELA | Global 'oil seeding' plan unveiled. Businessmen attending the Expocomer 2006 fair in Panama last week were treated to an outline of Venezuela's Plan de Siembra Petrolera 2005-2030 ('Oil Seeding Plan') - the initiatives underlying what has been described as Hugo Chávez 's 'petro-diplomacy'. In the very short run, the plan envisages oil production rising to 3.5m barrels per day, on the strength of a 7% increase in demand in the US, accompanied by significant increases in Europe and, above all, China. Venezuela currently exports to China 160,000 barrels per day; by end of 2006 it expects the rate to have almost doubled to 300,000bpd.

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