August 23, 2005
Petroleos de Venezuela announced that it expects crude oil exports to China
Petroleos de Venezuela announced that it expects crude oil exports to China to rise more than fourfold to 300,000 barrels of oil a day by 2012. Sales to China have averaged about 69,000 barrels a day this year. President Hugo Chavez has repeatedly said that he wants Venezuela, the world's fifth-largest oil exporter, to diversify customers and reduce its dependence on the US market. The US currently receives about 60 percent of Venezuela's daily exports of about 2 million barrels.