Post by ukipa on Aug 10, 2011 18:22:14 GMT 4
Sagging Venezuelan oil exports to the Caribbean
The oil bill financed by Pdvsa advanced USD 4.9 billion
Oil
In 2010, state-run oil holding Petróleos de Venezuela (Pdvsa) not only recorded a 1.4% drop in its output, according to the numbers provided by the oil company, but also weaker exports, including destinations such as Central America and the Caribbean, with a preferential treatment and appearing in the energy cooperation agreements championed by the Bolivarian government.
In 2010, Venezuelan exports of crude oil and byproducts reached 2.41 million barrels per day (bpd), a downsizing of 267,000 bpd or 10% versus 2.68 million barrels sold overseas in 2009.
Pdvsa has explained that sagging exports resulted from "fewer hydrocarbons available for sale, due to operating and seasonal conditions and raising consumption in the domestic market."
Shipments to Central America shrank 12% or 22,000 bpd of crude oil and byproducts in 2010. Note that Guatemala and Nicaragua were the only countries which received Venezuelan hydrocarbons. In the case of Nicaragua, shipments of crude oil slipped back from 16,000 to 15,000 barrels of oil, but the sale of byproducts jumped from 2,000 to 5,000 bpd.
As for Caribbean nations, sold volumes were off 4%, from 224,000 bpd in 2009 to 215,000 bpd in 2010.
Regarding sales to the Caribbean islands, a 102% in the placement of byproducts is noteworthy (from 36,000 to 73,000 bpd), as well as a 24% drop in the sale of crude oil (from 188,000 bpd in 2009 to 142,000 bpd in 2010).
Shipment of oil within the framework of Petrocaribe and the Caribbean Energy Agreement includes long-term financed sales (up to 25 years). According to Pdvsa, the financed portion under these facilities meant USD 4.96 billion on account of 170,000 bpd. The financed amount heightened 20% in a scenario of high oil prices.
By the same token, in 2010, North America got 7% less crude oil and byproducts than in 2009, sliding 1.35 to 1.26 million barrels since 2009.