About half of Venezuela oil output now goes to US, Under Secretary Haustveit says

• Jovanny Martinez, a VP at Venezuela's state oil company PDVSA, said at the same event that the U.S. needs Venezuela's heavy oil grades to feed its economy.
• Martinez said that Venezuela's crude output would reach 1.245 million bpd by the end of August. Exports from the country have risen 19.7% this year.
• He said the country needs diluents for heavier grades that should be developed in Venezuela.
• Martinez also said that the country's refineries should be improved, modernized and expanded; he said that Venezuela's fuel output has increased 12.9% so far this year, supplying 5.4% more fuel domestically.
• "We made a big effort for an energy reform, and now we're looking for real results in terms of development," Martinez said.
• Venezuela has a natural gas deficit of 500 million cubic feet per day, Martinez added.

HOUSTON, Aug 18 (Reuters) - U.S. Energy Under Secretary Kyle Haustveit said on Tuesday that about half of Venezuela's oil output is now being exported to the U.S.

• "In the last couple of months, we're seeing north of 500,000 barrels of approximately half of the production coming out of Venezuela is coming to the United States to the refineries that were built specifically for that crude," he said at an event in Houston, adding that the country is currently producing around 1.25 million barrels a day.
• Haustveit highlighted progress in the country and said sanctity of contracts would be respected.