More evidence that Pdvsa fakes its production data

Venezuela’s oil exports to China last year were significantly less than President Hugo Chavez’s target of 400,000 b/d, Bloomberg reports, citing data from the Chinese government’s Customs General Administration. December 2008 shipments of crude and fuel oil were only 168,000 b/d, or 232,000 b/d below the official target set by Chavez. Why is Venezuela missing its export target? Increased oil exports to China were “contingent on Venezuela being able to increase its production, and that’s probably not happening,” says Luisa Palacios at Medley Global Advisors in New York. Crunching Tonnages: Venezuela supplied China with 573,146 tons of crude oil and 149,497 tons of fuel oil in December. One metric ton of light fuel oil fills 6.9 barrels. If the month’s tonnage was light fuel, it would have been 5.21 million barrels, or 168,000 b/d. The same tonnage of heavy crude and heavy fuel oil would occupy 4.55 million barrels, or 147,000 b/d.


About Caracas Gringo

Representing less than 0.00000000001515152% of the world population as of 31 December 2011.
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