Venezuela's oil exports hit a four-year high in October, amounting to nearly 950,000 barrels per day. This significant increase is attributed to an increase in crude oil production and increased sales to key markets, including the United States and India. Documents from state oil company PDVSA and shipping data revealed the latest export figures.
Despite challenges such as a major fire at a storage terminal last month, tightening U.S. sanctions imposed since June, and the arrest of former Venezuelan Oil Minister Pedro Tellechea as well as former PDVSA executives for corruption, the country's oil sector has demonstrated resilience. The recovery is partly due to stabilizing operations in the Orinoco Belt, Venezuela's largest oil-producing region, leading to a rebound in heavy oil stocks.
In October, PDVSA and its joint ventures managed to export an average of 947,387 barrels per day (bpd) of crude and fuel, marking a 21% increase from the previous month and the highest monthly figure since the start of 2020. Additionally, Venezuela exported 314,500 metric tons of petroleum byproducts and petrochemicals, surpassing the 267,000 tons exported in September.
The American oil giant Chevron (NYSE:) reported record exports to the United States at 280,000 bpd, the highest level since it resumed exporting Venezuelan heavy crude grades early last year. Spanish oil company Repsol (OTC:REPYY) also shipped Venezuelan oil to the United States and Spain during the same period.
India, which was a major market for Venezuelan oil before sanctions, received three cargoes in October, totaling about 141,000 bpd. Shipments to the United States, Europe and India are made under U.S. licenses granted to certain joint venture partners and customers of PDVSA, including Chevron, Repsol, Eni, Maurel & Prom and Reliance Industries.
China remains the largest recipient of Venezuelan oil, with 385,300 bpd shipped directly and indirectly to the world's top oil importer in October. However, this figure is down from the average of 451,500 bpd in September.
Venezuela's exports to Cuba, a close political ally, also saw a slight increase, from 22,000 bpd in September to 28,000 bpd. The country is currently grappling with a serious energy crisis.
The data also showed a rise in Venezuela's fuel imports, which rose from 67,000 bpd in September to 81,000 bpd in October, indicating growing demand for fuel in the country.
Reuters contributed to this article.
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