Citgo turns to the US to compensate decline in oil shipments from Venezuela
In January-October 2013, Citgo imported some USD 510,894 oil barrels per day, descending 26% with respect to 2011, according to the US Energy Information Administration (EIA)
EL UNIVERSAL
Thursday January 16, 2014 05:18 PM
Citgo, a subsidiary of state-run oil corporation Petróleos de Venezuela (Pdvsa) based in Houston, has been increasingly doing what many described as unthinkable: replacing crude oil and byproducts from Venezuela with US products.
For decades, the United States has been Venezuela's main client, particularly after Pdvsa purchased Citgo in the 1980s. However, oil shipments from Venezuela to the United States have been falling as Pdvsa's production is hit by stagnation and shipments to Asia increase, reported Reuters.
In general terms, oil exports from Latin America to Asia have been growing at the same pace of oil production in the United States, which given the circumstances have cut down on oil imports.
In January-October 2013, Citgo imported some USD 510,894 oil barrels per day, descending 26% with respect to 2011, according to the US Energy Information Administration (EIA).