Venezuela Exports 140,000 Bpd of Oil to China

Venezuela exports 140,000 bpd of oil to China

CARACAS, Dec. 22 (Xinhua) — The Venezuelan state oil company is exporting 140,000 barrels of crude oil to China per day, the firm’s supply and trade director Asdrubal Chavez said on Thursday.

The United States, for which Venezuela provides 1.5 million barrels per day (bpd), accounts for the largest share of the country’s oil exports, Chavez said, but adding PDVSA is seeking more buyers.

During Venezuelan President Hugo Chavez’s visit to China in 2004, the two countries signed a series of deals on petroleum, natural gas, trade and telecommunications.

PDVSA has two contracts with China’s National Petroleum Corporation. It aims to sell China 300,000 bpd of petroleum and derivatives.

Venezuela is the world’s fifth largest oil exporter. Caracas is building up its oil shipping fleet for sales to Asia and other distant regions.