Venezuela ups US oil sales despite Opec

Venezuela increased oil shipments to the US in January, despite President Hugo Chavez’s anti-US rhetoric and a promise to Opec to cut output, the US Department of Energy said.

Crude shipments from Venezuela to the US rose to an average 1.2 million barrels per day in January, up 14% from December, according to data from the department. Venezuela had promised to cut exports to the US by 16% starting 1 January to comply with Opec cuts.

But January’s figures suggest the country is still sending about half its crude to the US, said an Associated Press report.

Venezuela may be sending more oil north to boost sagging state income, which has declined with lower crude prices, said Roger Tissot, an energy analyst at Gas Energy Latin America in Vernon, Canada.

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