The oil industry as of September is expected to deliver extraordinary oil royalties. That month Venezuelan state oil giant Pdvsa is expected to complete royalty contributions estimated in this year's budget at USD 12.16 billion.

In 2007 budget, Pdvsa's total contributions to the Treasury are estimated at USD 22.3 billion, including USD 8.8 billion in income tax and USD 1.3 billion in dividends.

Official sources claimed that Pdvsa managed to make the scheduled contributions largely because of high crude oil prices, averaging USD 56.8 per barrel. In 2007 budget, the oil price was estimated at USD 29 per barrel.

They added that oil prices have helped offset oil production problems in Venezuela, as output is below 3.5 million bpd, the figure estimated for this year. Based on Pdvsa reports, oil production amounts to 3.07 million bpd.