Venezuela ’s annual oil exports to the U.S. are on track to reach a 28-year low as the South American country faces declining production, rising domestic demand and increased shipments to China . Venezuelan exports of oil and petroleum products to the U.S. have averaged 792,000 barrels a day in the first 11 months of 2013, the lowest annual rate seen since 1985, according to data through November published by the U.S.-based Energy Information Administration on its website today. Petroleos de Venezuela SA , the state-run oil company , sends hundreds of thousands of barrels of oil a day to China to pay back loans for billions of dollars made to Venezuela’s government. The company’s production, which averaged 2.9 million barrels a day in 2012, according to the company’s annual report for that year, averaged 2.45 million barrels a day in December last year, a Bloomberg survey showed. “Venezuela […]