A growing share of Venezuela's crude and products exports is made up of deliveries to regional customers at below market prices and shipments to meet long-term loan commitments to China and Russia. A newly released audited financial report shows that state-owned oil company PdV exported 628,000 b/d of crude and refined products to China, Latin America and the Caribbean last year, or almost 29pc of its total exports of 2.19mn b/d. These exports constituted payments for oil-backed loans from Beijing and preferential regional supply agreements, including the PetroCaribe oil supply initiative. Late president Hugo Chavez launched PetroCaribe in 2005 to win support for his Bolivarian revolution.
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