Monday, 3 December 2012
Venezuela seeks to double oil exports to China
According to statistics from the Organization of the Petroleum Exporting Countries, in April 2012, Venezuela was the fourth-largest source of China's oil imports after Saudi Arabia, Angola and Russia. The country exports a daily average of 460,000 barrels of crude oil to China, accounting for 8.3 percent of the nation's total oil imports.
China's oil imports from Venezuela have been growing from 49,000 barrels a day in 2005 to the current level of around half a million, he said.
According to Ramirez, a joint venture set up by PetroChina and PDVSA, Venezuela's national oil company, is currently producing 100,000 barrels of crude oil per day, and he expected the amount to increase to 1.1 million barrels a day, mainly due to the development of Venezuela's Orinoco heavy-oil belt.