Venezuelan crude oil exports to the US downhill

Venezuelan crude oil exports remained below one million barrels per day (bpd) in July, according to preliminary data on oil foreign trade from the US Department of Energy.

Collected data suggest that in July 2012, state-run oil holding Petróleos de Venezuela (Pdvsa) shipped about 932,000 bpd of crude oil to the United States.

Nevertheless, the result of exports in July means an improvement in the sales to the United States in contrast with the results in June, averaging 793,000 bpd. The difference of 139,000 bpd accounts for a growth of 17.5% from one to another month.

Despite the gradual reduction of the oil traded between Venezuela and the United States, Venezuelan Minister of Petroleum and Mining Rafael Ramírez does not regard the decline as "dramatic."

The United States keeps on being Pdvsa major trade partner. However, growing exports to China imply that in the medium term the Asian giant will occupy such position.