Venezuela signs China oil deal

Venezuela's state oil company, Petroleos de Venezuela, has signed a one-year contract with China National Petroleum Corp to supply 100,000 barrels of crude and 60,000 barrels of fuel oil a day, AP reported. In 2005, Venezuela sold 70,000 barrels a day of mostly fuel oil to China, five times what it sold in 2004. Venezuela, the world's fifth largest oil exporter, will expand its fleet of tankers to sell more to Asia.