OPEC

descriptionPublicationkeyboard_double_arrow_right Article 31 Jan 2002 English Publisher:Pageant Media USJournal:The Journal of Structured Finance, volume 7, pages 12-18 (issn: 1551-9783, eissn: 2374-1325,

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Authors: Caren Y. Chang; Alejandro Bertuol;

doi: 10.3905/jsf.2002.320262

OPEC

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Abstract

In recent years, the Organization of Petroleum Exporting Countries (OPEC) has sought to support international oil prices through production cutbacks. In 2001 alone, the cartel implemented three production curtailments. Venezuela, one of the founding members of OPEC and its third-largest producer, has adhered to OPEC9s production policy so far this year. Fitch believes OPEC9s production policy directly affects Venezuela9s heavy oil projects (VEHOPs)-Petrozuata, Cerro Negro, Sincor, and Hamaca-all of which are rated by the agency. This article explores how mandatory OPEC curtailments affect the credit quality of these four Venezuelan oil projects.

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