From PDVSA annual reports. I just thought you might be interested. I used the CPI from the US Federal Reserve as a deflator.
Setty's notebook
Steven Bodzin's energy and natural resources notes, mostly about Latin America
From PDVSA annual reports. I just thought you might be interested. I used the CPI from the US Federal Reserve as a deflator.
Setty's notebook 
Extremely useful chart. Are you deflating? or inflating older dollars, to bring them to 2012 levels? Not that is very important to the essence of the information, but I am always confused about inflating and deflating
Ha, I inflated old dollars to 2012. But I think it’s still called a deflator, no? I am no economist! I used the method described here: http://www.minneapolisfed.org/community_education/teacher/calc/
Correct. A deflator is used to calculate a value from a base year to achieve the dollar value of today’s dollar in that year nullifying inflation for apples to apples comparisons, (or iphones to iphones). In this case, you inverted it and used the deflator to inflate, odd as that may sound.
The 2013 number is based off Q1 comparisons for 2012/2013 as noted below. Inflation has slowed somewhat in El Imperio in after that, so a more accurate number would be 233.24 with Jan.-Aug. numbers for the relevant periods But, eh, who’s counting in a trillion here, a trillon there?
Now, what would be fascinating is to chart the the heavy crude prices, with the same deflator values, to see if there’s a bit of a disparity there with a bit of logarithmic/lineartihmic love thrown in to drag out comparative rates of change. (Although it looks like Kepler may be headed in that direction already)
Stephen,
Interesting chart. I am comparing that with my simple chart of OPEC prices per barrel -not normalized- since 1998 (I always prefer to add the previous year before the Golem got elected).
I find it strange that sales in 2003 did not seem to have collapsed in spite of the strike.
Your chart shows how desperate the Boligarchs must be getting: 2008 seemed to have been the zenith. Now it’s clearly der Untergang, albeit it won’t be fast.