🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Venezuela's oil exports hit a 4-year peak on higher output, sales to US, India

Published 11/01/2024, 12:37 PM
Updated 11/01/2024, 12:41 PM
© Reuters. FILE PHOTO: Oilfield workers hold a flag with the corporate logo of Venezuela's state oil company PDVSA near Cabrutica at the state of Anzoategui. April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
CVX
-
REPYY
-

By Marianna Parraga and Mircely Guanipa

HOUSTON/MARACAY (Reuters) - Venezuela's oil exports rose to a four-year high, approaching 950,000 barrels per day in October, boosted by growing crude output and more sales to India and the United States, according to shipping data and documents from state firm PDVSA.

The increase happened despite a large storage terminal fire last month, tighter U.S. sanctions since June and the arrest of the country's former oil minister, Pedro Tellechea, and former PDVSA executives over corruption allegations.

A bounce in crude production, mainly due to the stabilization of processing operations at Venezuela's largest oil region, the Orinoco Belt, has allowed the recovery of heavy crude inventories, the PDVSA documents showed.

In total, PDVSA and its joint ventures exported an average of 947,387 bpd of crude and fuel, 21% over the previous month and the highest monthly figure since early 2020, according to the data, based on tanker movements.

The South American country, which has remained under U.S. sanctions since 2019, also exported 314,500 metric tons of oil byproducts and petrochemicals, slightly more than the 267,000 tons of September.

Crude shipments by Chevron (NYSE:CVX) to the United States reached a peak of 280,000 bpd, the highest since the U.S. producer resumed exports of Venezuela's heavy grades early last year. Spanish producer Repsol (OTC:REPYY) also exported Venezuelan oil cargoes to the U.S. and Spain last month.

PDVSA increased exports to India, which used to be a top market before the sanctions, sending three cargoes, or about 141,000 bpd, last month, the data showed.

Crude deliveries to the U.S., Europe and India are authorized under U.S. licenses to some PDVSA's joint venture partners and customers, including Chevron, Repsol, Eni, Maurel & Prom, and Reliance Industries.

However, China remained the main destination of Venezuela's oil exports in October with 385,300 bpd shipped to the world's top oil importer directly and indirectly. Exports to China had been higher in September, when they averaged some 451,500 bpd.

© Reuters. FILE PHOTO: Oilfield workers hold a flag with the corporate logo of Venezuela's state oil company PDVSA near Cabrutica at the state of Anzoategui. April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo

Venezuela's exports to political ally Cuba, which is struggling to overcome an acute energy crisis, slightly rose to 28,000 bpd, from 22,000 bpd in September.

Venezuela also saw an increase in fuel imports to 81,000 bpd, from 67,000 bpd the previous month, according to the data.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.