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.
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