CARACAS, Friday December 14, 2012 | Update

Venezuela's oil bill with the US expected to drop 15.8%

l exports in 2012 could amount to USD 35.3 billion, according to the Venezuelan-American Chamber of Trade and Industry (VenAmCham)

Venezuela’s oil exports to the US plummeted despite a 2.7% rise in the price of the Venezuelan oil basket (File photo)
Friday December 14, 2012  11:46 AM

Venezuelan oil exports to the United States will be slightly lower by the end of this year versus 2011, according to information compiled by the Venezuelan-American Chamber of Trade and Industry (VenAmCham).

Considering its projections, the bilateral organization stated that Venezuela's oil exports to the United States this year amount to USD 35.3 billion, 15.8% below USD 41.9 billion last year, as VenAmCham's data shows.

For its part, data from the Ministry of Petroleum and Mining indicates that the Venezuelan oil basket has climbed 2.7% from USD 101.06 per barrel in 2011 to USD 103.82 in 2012.

However, the rise in oil prices has not been enough to offset the slump in the volume of oil actually being dispatched. This is the main reason behind the drop in the oil sales to the United States.

According to the US Department of Energy, by September this year, Venezuela's exports to the United States accounted for 923,000 barrels per day, 6.2% below the volume reported from January to September 2011 (985,000 oil barrels). Additionally, it is worth mentioning that the sales of Venezuelan oil by-products to the United States have plunged 46% as they averaged 50,000 barrels per day by September.

Translated by Jhean Cabrera
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