Latin America’s largest oil producer, Venezuela said it will increase oil sales to China by 130,000 barrels a day from next year.

Venezuelan president Hugo Chavez announced the decision here and said
with the increase country’s crude oil exports to China will rose to
630,000 barrels a day.

He further said the day will arrive in which Venezuela will send much more than a million barrels of crude to China.

Earlier this year, Venezuela announced it would begin building one of
three oil refineries it plans to have in China, which is a growing
consumer of the world’s oil as its economy booms.

Source: Commodity Online

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