Venezuela's oil exports to the US have declined by nearly 160,000 barrels a day in the last six weeks, according to weekly reports issued by the US Department of Energy.

In mid August, Venezuela's oil shipments to the US averaged 793,000 bpd, a decline of 120,000 barrels a day, if compared with June (916,000 barrels per day).
If contrasted with figures from August 2010, the decline amounts to 210,000 barrels a day, averaging 29%.

Although Venezuelan oil exports to the US averaged 916,000 bpd during the first five months this year and 912,000 barrels per day in 2010, there has been a decline over the last 10 years, according to the US government audited figures.

In 2010, Venezuelan oil sales to the US averaged 967,000 bpd, a 9.3% decline compared with 2009, when shipments averaged 1.06 million barrels a day. This was the highest slump recorded over the last 21 years.

Although Venezuelan oil exports to the US average nearly 51% of the country's overall oil sales in 2010, the country has adopted a policy intended to diversify its market and clients. Reduced sales to the US have been offset by increased exports to Asia, and to a lesser extent, to the Caribbean and South America. However, Venezuela has rather entered into oil financing agreements with Petrocaribe and Cuba, and has negotiated loans payable with oil, such as the case of the China-Venezuela Fund, to the detriment of oil sales agreements providing for timely cash payments.