Venezuelan oil production last year dropped 148,000 bpd, averaging 2.39 million bpd, according to the latest bulletin published by the Organization of Petroleum Exporting Countries (OPEC).

While production picked up in the last quarter of 2007, in January-September it spiraled down.

In 2007, the Venezuelan oil production tumbled for the second consecutive year, based on the OPEC statistics. From a peak of 2.63 million bpd in 2005, oil output dropped 246,000 bpd at the end of last year.

Last December, production was 2.38 million bpd. In an environment of increased output by most OPEC members, Venezuela, Nigeria, Libya, and Ecuador were the only OPEC members to cut production.