Venezuela may nearly double oil exports to China

Jul 10, 2006 02:00 AM

Venezuela may nearly double its oil exports to China to 300,000 bpd from the current 168,000 bpd, according to an official from Petroleos de Venezuela.
The company was in talks with China to increase its oil supply to the growing market as it may boost oil production by nearly 2 mm bpd in the next few years, a vice president in charge of oil exploration and production was quoted as saying. He added that the company is also in talks with India on supplying it more oil.

The official said he doesn't expect any increases in oil shipments to China or India to affect the company's supply to the US, saying the US market is likely oversupplied.
Venezuela exported an average 77,045 bpd of crude oil and 48,127 bpd of fuel oil to China in the first five months of this year, up 172.1 % and 287.2 % on year respectively.

Source: Dow Jones Newswires
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