The performance of the Venezuelan oil industry last month was no good news, as domestic output tumbled 26,700 bpd and the country lost five rigs, while the other members of the Organization of Petroleum Exporting Countries (OPEC) heightened production.

The figures were disclosed by OPEC in its monthly report on the oil market, based on other sources. According to the data, Venezuelan production went down from 2.37 million bpd in August to 2.34 million bpd in September. Therefore, Venezuelan average oil output in the third quarter was almost 2.37 million bpd, a drop of 135,000 bpd (5.4 percent) compared to the same period in 2006.

The decrease came amidst an increase of 79,000 bpd in the overall production of OPEC member countries under the OPEC quota system.

Further, OPEC reported that the number of operational rigs in Venezuela plunged from 78 to 73, thus taking the average to 77 units in the third quarter.

While the figures disclosed by OPEC, which cited Baker Hughes International, do not match with Venezuelan official data, such a drop in oil rigs came parallel to a bidding process Pdvsa is preparing to launch on 53 rigs, which should start bearing fruit by the end of the year.