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Home » News » Venezuela Will Go on Developing Sino-India Oil Market

Venezuela Will Go on Developing Sino-India Oil Market

author: jeawin   time: 2014-11-08 14:00   hits: 1711

Asdrubal Chavez, Venezuela's oil department minister said on Thursday that Venezuela would take advantage of the opportunity of economic growth in China and India and continue to increase oil exports to China and India.  


"We must go on developing market in China and India because they are the countries which gain the highest annual growth rate in the world." Chavez told to one of the congressional committee. "We will continue to increase exports to Asia: India and China." But he did not mention the detailed figures. 


According to PDVSA, Venezuela's state-run oil company, compared with the exports last year, exports of the country's crude oil and oil products fell 5.6% in 2013, about 2.43 million barrels. America is still the primary market of Venezuela's oil exports. But according to Energy Information Administration (EIA), compared with ten years, Venezuela's oil exports to the United States plunged 49%. Venezuelan government is trying to get rid of dependence on America which is the ideological enemy for Venezuela. 

   
At the same time, Asian market is getting more and more important to Venezuela. Venezuela ever said that they had exported about 500,000 barrels of crude oil to China and part of the crude oil was to pay for the Agreement of Changing Financing from Oil. According to the EIA, Venezuela exported more than 400,000 barrels of oil to India last year.