Venezuela Oil Exports to US Hit Lowest Rate Since 1985

From Bloomberg

By Pietro D. Pitts

Venezuela’s annual oil exports to the U.S. are on track to reach a 28-year low as the South American country faces declining production, rising domestic demand and increased shipments to China.

Venezuelan exports of oil and petroleum products to the U.S. have averaged 792,000 barrels a day in the first 11 months of 2013, the lowest annual rate seen since 1985, according to data through November published by the U.S.-based Energy Information Administration on its website today.

Petroleos de Venezuela SA, the state-run oil company, sends hundreds of thousands of barrels of oil a day to China to pay back loans for billions of dollars made to Venezuela’s government.

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