Venezuela's PdV met 200,000 b/d of its commitment to supply 400,000 b/d of crude to regional countries under preferential terms last year. This is down from 2006, when the firm exported 230,000 b/d of a 375,000 b/d commitment. Falling output and rising Chinese exports were the main reasons for the shortfall. PdV exported 325,000 b/d to China and other Asia-Pacific destinations last year. Under the San Jose pact, Venezuela and Mexico each agreed to supply up to 80,000 b/d of crude to Central American and Caribbean countries. But PdV supplied just 15,000 b/d last year, down from 35,000 b/d in 2006.
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