Asia overtakes U.S. as top destination for Venezuela oil -PDVSA
Asia overtakes U.S. as top destination for Venezuela oil -PDVSA
By Deisy Buitrago
CARACAS, April 10 Thu Apr 10, 2014 4:30pm EDT
(Reuters) - Asia overtook North America last year as the main destination for Venezuelan exports of crude oil and processed fuels, according to preliminary data submitted to parliament by state oil company PDVSA.
Asia received an average of 1.04 million barrels per day (bpd) from Venezuela in 2013, up a fifth compared with the previous year. Meanwhile, exports to the United States, Canada and Mexico fell 11 percent to 879,000 bpd.
In its report to the National Assembly, PDVSA said it was increasing shipments to Asia, while maintaining those to South and Central America and the Caribbean, as part of a long-held strategy of market diversification.
Asia accounted for 41 percent of Venezuela's oil exports last year, PDVSA said, with the majority being received by China at 563,000 bpd, and India at 396,000 bpd.
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