Energy
Venezuela' Ministry of Energy and Petroleum warned refiners that, as part of a pledge of the Organization of Petroleum Exporting Countries (OPEC) to reduce oil supplies as of January 1, state-run oil holding Pdvsa has cut production by 189.000 barrels per day to meet OPEC quota. As a result, the company is reducing shipments of crude oil to refineries in the United States by 166,000 barrels per day.

Exports of crude oil to the US have been declining ever since the second half of 2008. At the end of October last year, exports stood at 1.02 million bpd. Deducting the barrels that Venezuela will no longer export under the OPEC cut, exports to the US are to total 861,000 bpd.

Such volume is to remain in place during the first quarter this year or until OPEC decides to lift the production cut. According to oil industry sources, Venezuela is cutting 18,000 bpd from exports to China and 5,000 bpd from sales to Europe.

According to the statement of the Ministry of Energy and Petroleum, Pdvsa has advised the partners and customers involved about "the strict compliance with OPEC's cut, so that customers, particularly the refineries of Chalmette in Louisiana and Texas-based Sweeney, take the relevant measures, since Venezuela will not deliver the volumes it used to deliver."