Venezuela shipped 1.29 million barrels a day of oil and refined products to the U.S. and Virgin Islands in March, the least since a strike in the South American country ended in 2003, as Asia bought more crude and fuel oil.

Venezuela, which last year was the fourth-biggest provider of crude to the mainland U.S., has fallen to fifth place behind Nigeria this year, according to a monthly report released today by the U.S. Department of Energy. The drop coincided with Venezuela boosting supply to China to 250,000 barrels a day and sending at least 2 million barrels to India that month.

Venezuelan President Hugo Chavez is seeking to diversify markets in order to reduce dependence on the U.S. ... Read full article