Pdvsa’s Chinese headache

Pdvsa and Petrochina signed a one-year agreement on 22 December 2009 that calls for Pdvsa to supply China with 500,000 b/d of crude oil and refined products in 2010 – roughly five times the amount as it currently does. Pdvsa claims it exported over 300,000 b/d to China in 2009; so did Chavez in December. However, Chinese government import data say that Pdvsa’s exports of crude and refined products to China averaged 83,000 b/d from January to November 2009 or 30% less than the 118,000 b/d it averaged between January-November 2008. For Pdvsa to meet its 500,000 b/d supply commitment this year, oil exports to China would have to rise by 417,000 b/d – or 502%.


About Caracas Gringo

Representing less than 0.00000000001515152% of the world population as of 31 December 2011.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s