Venezuela will use 685,000 bpd of oil on average to perform its bilateral energy agreements.

Based on the data supplied by the Organization of Petroleum Exporting Countries (OPEC) this accounts for 29.7 percent of the domestic oil output. And the output, according to OPEC secondary sources, stands at 2.3 million bpd.

However, compared with the government official data of 2.8 million bpd, it represents 24.46 percent of the nationwide output.

This week, Venezuela agreed to send from May 1, about 80,000 bpd to a refinery in Belarus. The exports, according to President Hugo Chávez, could amount to 100,000 bpd.

In addition, there are some other inter-government agreements, such as Petrocaribe, whereby state-run oil holding Petróleos de Venezuela (Pdvsa) sends about 105,000 bpd -just 4 percent of Venezuelan exports, as reported by Pdvsa.

This number does not include the shipments to Cuba which average 90,000 bpd.

In the meantime, approximately 460,000 bpd of oil are exported to China and 20,000 bpd of byproducts to Iran, among others.

Thus far, in the aggregate, oil and byproduct exports accounts for 685,000 bpd.

In multiple speeches, President Chávez has voiced readiness to diversify the oil international market, but he has also expressed his intention to keep exports to the US market.

Notwithstanding, the latest numbers provided by the Energy Information Administration (EIA), an agency of the US government, show a decline of Venezuelan exports to the United States, which is still more serious with refined products, such as gasoline and diesel.

Experts are certain that falling exports translate into fewer revenues, because most agreements, except for the agreements executed with China and Japan, form part of bilateral trade or long-term facilities.

Carlos D'Sousa, of think-tank Ecoanalítica, regards as valid the strategy of finding a niche in new markets. With the United States tough, this means 30-day, cash agreements.

However, D'Sousa added that the agreements with China and Japan, while longer than a 30-day term, benefit Pdvsa as they give it access to foreign funding.

According to the operational report of the first quarter of 2009, exports of oil and byproducts to the United States dropped by 4 percent.

Translated by Conchita Delgado