We're going to expand oil production by THIS MUCH...
We’re going to expand oil production by THIS MUCH…
Setty doesn’t beat around the bush: Rafael Ramírez has zero credibility.

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  1. There is a German expression, “Wenn schon, denn schon”; if you going to do it, then do it BIG (freely) so, if uncluttered by real-world parameters, you’re making up figures, then do it on a grand scale: NO half measures!

  2. a chavista would hear ramirez and cry of hapiness actually believing this country will become a major power, they fail to remember that he have promised this a thousand times and don’t have the ability nor the intention to fullfill it, just plain lies and manipulation.

  3. “…don’t have the ability nor the intention…”

    Nor the resources.

    Great graphic presentation by Setty.
    The lies, the lies…they just keep getting bigger.

  4. Measuring production increase by barrels each day is an unfair metric. Production increases are stair stepped and often the culmination of years of project development. All Venezuela needs for a 1 million barrel per day increase in 1 one year is for 5 projects ar 200,000 barrels per day to come online in the next year. Are these projects underway? No? I didn’t think so.

    • Btw- one 200K per day project can be 10’s of millions of manhours and many billions of dollars and will take many many years to develop. And it is always international news. So until your read an article in Rueters or Bloomberg about something of this magnitude, it is pure paha. Instead in venezuela we read about companies pulling out of these contracts.

  5. Hilarious. I guess it doesn’t hurt to aim high. Why not just drop the pretension that they are actually forecasting, after all recurrent bad forecasts must *at the very least* be bad for morale (including that of the forecasters – I’d love to meet them if they exist at all). As for the intended audience for these forecasts, evidently it’s not people like setty who check facts. Evidently the goal is to manipulate people who might not know how bad the forecasts are and will make decisions based on them – and I am guessing voters are not it.

    • Jeffry – This should be embarrassing, but it’s actually a sign of something positive. PDVSA has gradually reduced its overstatement of current output. That movement toward reality was one of the things that made me think Ramírez may have still had a realist neuron in his head. I have this horrible image of a press conference in 2018: “We will increase oil production from the current 150,000 barrels a day to 900,000 barrels a day by 20 minutes ago!”

      • Yes, I noticed the lower starting point consistently year after year. With the exception of a few outliers from 2010, you could put in a pretty interesting trend line reflecting that and then compare that to stated production for those years and stated production results from third party groups (OPEC, EIA, others) and see where they fall.

        Fascinating work.

        Viva la devolucion.

  6. Every year is the same… boy If I had a nickel every time that a chavista promises something beyond their reach I’ll be super duper billionaire.

    • Especially if you could sell those nickels for two bolos each and then convert those back via Cadivi like Mr. Ramirez and his buddies likely do.

  7. The regime appears to be entering a phase where it feels the need to plaster the news with exhorbitant , colossal , oulandish or uber kitschy announcements with the evident intent of impressing ordinary venezuelans with its grandiosity and taste for gestures of cloying sentimentality !! Ramirez announces a billion bls increase in production , Maduro a decree that pronounces dec 8 as the date for the adoration of the dear defunct leader and the fatherland , also the creation of a Vice Ministry for the perfect happiness of the people !! . What is it with these people ??.
    It really reads like a desperate effort to improve their voting numbers in december by dint of histrionic grand standing !! Something Chavez handled so well but they definitely do not.


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