China and India have displaced the US as Venezuelan state-owned PdV’s most important oil export markets, Venezue- lan energy minister Rafael Ramirez says. PdV now exports 620,000 b/d of crude and oil products to China and 400,000 b/d to India, Ramirez says. Exports to China are likely to reach 1mn b/d by 2015, with oil exports to India doubling within three years. US government agency the EIA says US net imports of crude and oil products from Venezuela stood at 719,000 b/d in April.
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