Friday, April 18, 2008

Where does all the oil go? 

Venezuelan oil production and export numbers have long been contentious with many of president Chavez's opponents not wanting to believe Venezuela's production levels.

Not too long ago a staunch Chavez opponent challenged Venezuela's official numbers in an interesting way. Venezuela claims to exports 2.7 million barrels of oil per day. It is reported by the U.S. government that the United States imports 1.3 million barrels per day of oil from Venezuela. So this inquisitive and skeptical person wanted to know where the rest of the oil, aproximately another 1.3 or 1.4 million barrels per day went - clearly not beleiving that they were going anywhere or even existed.

However, if one reads the Venezuelan state oil companies financial statements you can see exactly where all the goes. Just go to www.pdvsa.com, click on "Financial Statements" and go to the 2007 financial report. There on page 72 you will find the detailed listing of how much oil goes to each and every country.

So here goes my little summary of all the major recipients of Venezuelan oil (in thousands of barrels per day):

United States 1,363 (just for fun, check how much the U.S. says it imported from Venezuela here).

U.S. Virgin Islands 296

Canada 29

Curazao 209

Aruba 21

Bahamas 91

Cuba 87

Jamaica 25

Dominican Republic 28

Costa Rica 22

Brasil 13

Ecuador 30

Uruguay 23

Germany 27

Belgium 15

Spain 61

France 31

Greece 10

Holand 37

Italy 34

United Kingdom 36

Sweden 20

China 95

India 22

Singapore 52

Turkey 42

Ivory Coast 9

All told Venezuelan oil exports were 2,789,000 barrels of oil per day. The above list doesn't add exactly to that because I left out countries with very small amounts. But review the list yourself and you will see it does all add up.

Further, the U.S. government itself confirms it got exactly what Venezuela claims it sent it (1,362 from the U.S. government versus 1,363 from this Venezuelan report - can't get much closer than that).

Once again, confirmation that Venezuelan is producing and exporting the oil it says it is. And if anyone doubts it - there are the countries and amounts. Check with them to cofirm or refute the numbers.


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