Oil production has been shrinking for the past 6 years.
2.9 billion barrels were produced in July 2009, 2.9% less than the same period of 2008, and 45% less than 2003, when output reached 5.3 billion barrels, according to data from the Ministry of Energy and Mines (MEM).
"Mario Godínez, MEM hydrocarbons sub-director, explained that the reduction is due to natural and technical factors, as well as several contracts expiring", reported SigloXXI.com.