Where’s Venezuela’s Oil Going?

March 30, 2011

The Wall Street  Journal says Venezuela will find it hard to sell 1 million barrels a day of crude oil to China – half its production – in exchange for $20 billion in Chinese development financing. Venezuelan crude is heavy and difficult to refine, and a Wikileaks cable from last year suggests China could be getting it for as little as $5 a barrel. Last year, the NYTimes (http://www.nytimes.com/2010/04/19/world/americas/19venez.html) reported that China was buying 460,000 bbd from Venezuela, but only 132,000 bbd were actually refined in China. Perhaps China is selling the balance to the U.S. refineries designed to handle Venezuelan crude?



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