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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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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