By Steven Bodzin
May 12 (Bloomberg) -- Venezuela shipped 1.29 million barrels a day of oil and refined products to the U.S. and Virgin Islands in March, the least since a strike in the South American country ended in 2003, as Asia bought more crude and fuel oil.
Venezuela, which last year was the fourth-biggest provider of crude to the mainland U.S., has fallen to fifth place behind Nigeria this year, according to a monthly report released today by the U.S. Department of Energy. The drop coincided with Venezuela boosting supply to China to 250,000 barrels a day and sending at least 2 million barrels to India that month.
Venezuelan President Hugo Chavez is seeking to diversify markets in order to reduce dependence on the U.S. The country plans to ship an average 400,000 barrels a day of crude to China this year, Asdrubal Chavez, a board member of state oil company Petroleos de Venezuela SA, said in an interview at a May 9 ceremony in Caracas.
Venezuelan shipments of crude to the U.S. excluding the Virgin Islands fell by 178,000 barrels a day, or 17 percent, to 858,000 barrels a day, compared with March 2007, the Energy Department said. The last time Venezuela shipped fewer barrels a day of oil and refined products to the U.S. and Virgin Islands was in February 2003, when it sent 789,000 barrels a day.
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