Venezuelas actual level of crude Oil production is difficult to determine, with the country and independent industry analysts offering different numbers. According to statements by the Venezuelan government, the country produced 3.1 million barrels per day (bbl/d) of Crude Oil in 2004. On the other hand, most industry analysts and EIA estimated that the country actually produced 2.5-2.6 million bbl/d of crude oil in 2004, as they believed the country had not fully recovered from the strikes of 2002-2003 and noted that GDP data released by the Venezuelan Central Bank supported a lower level of production. Further, in a statement filed with the U.S. Securities and Exchange Commission (SEC) in August 2005, PdVSA reported that nationwide crude production in 2003 was 2.76 million bbl/d (PdVSA must file regular financial statements with the SEC due to its external debt obligations). In the past, Venezuela regularly exceeded its OPEC production quota. However, since his election in 1998, President Chavez has maintained a policy of strong adherence to the countrys quota, seeking to increase oil revenues through higher world oil prices rather than increased production. In order to meet its quote, Venezuela has occasionally shut-in some production and delayed bringing new capacity online. Most independent analysts believe, though, that Venezuela is currently producing Well below its quota of 3.22 million bbl/d since the 2002-2003 strike.