Venezuela’s oil exports fall 9% in September due to power outages, equipment failures – 10/02/2024 at 8:39 p.m.

Venezuela’s oil exports fall 9% in September due to power outages, equipment failures – 10/02/2024 at 8:39 p.m.
Venezuela’s oil exports fall 9% in September due to power outages, equipment failures – 10/02/2024 at 8:39 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto)) by Marianna Parraga and Mircely Guanipa

Venezuela’s crude oil and fuel exports fell nearly 9% last month following two major power outages and equipment failures at state energy company PDVSA’s crude upgrading plants , according to ship monitoring data and documents.

The OPEC member’s oil production and exports have recovered somewhat from the very low figures recorded between 2020 and 2022, but a long-standing lack of investment, US sanctions and frequent operational problems continue to limit what PDVSA can do to increase its production capacity.

A major power outage across most of the national territory at the end of August forced the suspension of refineries, oil terminals and the four crude upgrading units that process very heavy oil from the Orinoco belt until early of the month of September. A second outage a few days later and equipment malfunctions again took three upgrading units out of service for several days, according to the documents.

A total of 42 ships left Venezuelan waters in September, carrying an average of 842,600 barrels per day (bpd) of crude and fuel and 267,000 tons of petroleum byproducts and petrochemicals, the data showed.

This figure is below the high levels of the previous month, but higher than the same period last year. PDVSA and its joint ventures exported 925,000 bpd of crude and fuel in August, the highest monthly figure since early 2020.

Shipments to Asia led September exports with 510,000 bpd, followed by the United States, which received about 212,000 bpd of crude sent by Chevron CVX.N from its production joint ventures with PDVSA. Exports to Europe of the Spanish company Repsol

REP.MC rose to 97,000 bpd, while supplies to Cuba fell to some 22,000 bpd.

Exports to North America and Europe have increased this year thanks to individual approvals granted by the US Treasury Department to energy companies such as Chevron, Repsol, Eni

ENI.MI et Maurel & Prom MAUP.PA .

The country has also sought to keep shipments to China stable, with a large portion of exports going through Malaysia for ship-to-ship transfers, according to ship tracking data.

Venezuela also imported 67,000 bpd of fuel and diluents in September, down from 90,000 bpd in August, the data showed.

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