Venezuela Oil Shipments to China Increase

[nodoodahs]

I fully expect the rhetoric level from the U.S. towards Chavez to increase following this.

http://biz.yahoo.com/ap/050823/venezuela_china_oil.html?.v=1

Venezuela Oil Shipments to China Increase
Tuesday August 23, 10:45 am ET
Venezuela Oil Shipments to China Up Fivefold This Year, State Oil Firm Says

CARACAS, Venezuela (AP) -- Venezuelan oil shipments to China increased fivefold this year, surpassing 68,000 barrels a day on average, the state oil company Petroleos de Venezuela S.A. said Tuesday. The figure was released as officials announced Monday that the Venezuelan firm known as PDVSA had opened an office in China, the company's first in Asia.

Last year, an average of 12,300 barrels of oil a day were shipped to China, meaning that exports surged more than fivefold on average in 2005, PDVSA said in a statement.

Officials say Venezuela, the world's fifth largest oil exporter, plans to ship as much as 300,000 barrels of crude a day to China and other Asian countries in the coming years.

This level of sales would require PDVSA to send out at least four large oil tankers with a capacity of roughly 2 million barrels every month, PDVSA said.

Venezuelan President Hugo Chavez has promoted a closer relationship with China, India and other Asian countries in an effort to secure new markets for oil. Currently, Venezuela's top buyer is the United States.

Chavez has clashed repeatedly with U.S. officials, saying U.S. "imperialism" is a threat to the world and that new ways need to be found to move toward socialism and help the poor.

PDVSA also recently opened an office in Cuba, a close Venezuelan ally. Officials have said the Havana office will coordinate PDVSA's oil business in the Caribbean region.

The South American country, meanwhile, also plans to expand its fleet of oil tankers so it can sell more crude to Asia and other faraway markets.
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I haven’t seen a beatin’ like that since somebody stuck a banana in my pants and turned a monkey loose.