Venezuela Became China's Top Fuel-Oil Supplier In May -OPEC

Venezuela became China's top oil supplier in May after a sudden increase in shipments, according to the Organization of Petroleum Exporting Countries. Venezuela managed to supply 23% of the Asian giant's fuel-oil needs that month, as noted in OPEC's July Monthly Oil Market Report. China is Asia's top fuel-oil consumer and imports an average of 626,000 barrels a day of that product. OPEC countries supplied 68.9% of China's crude-oil imports and 29% of its total product imports in May. With the increase of fuel-oil shipments that month, Venezuela supplied 14.1% of China's product imports, up from 3.1% the previous month, figures show. Under President Hugo Chavez, Venezuela has strengthened political and business ties with China in a bid to diversify its client base for energy products. Petroleos de Venezuela SA, or PdVSA, sold a total of 95,000 barrels a day of crude and products to China in 2007, according to PdVSA figures. Chavez has vowed to quickly raise Venezuela's energy sales to China and to develop a series of joint energy investments with the Asian country.