Less Venezuelan oil going to US, more to China

U.S. imports of Venezuelan oil fell 11.7 percent during the first four months of the year compared to the same period in 2007, the U.S. government said Monday. Independent analysts said the fall could be due to stagnating Venezuelan oil production, lower overall U.S. crude imports and Venezuela's attempts to diversify its market by selling more to China and other countries. The figures released by the U.S. Energy Information Administration showed U.S. imports of crude oil and petroleum products from Venezuela declined to an average of 1.1 million barrels per day in the first four months of 2008 from just under 1.3 million barrels a day in the same period last year. The new figure is its lowest for any four-month period since a 2002-2003 oil strike paralyzed Venezuela's economy. State oil company Petroleos de Venezuela SA says it is producing 3.2 million barrels a day, while the Paris-based International Energy Administration puts Venezuela's production at around 2.4.