Key information
- Venezuela's oil exports reached their highest level in four years, at almost 950,000 barrels per day in October.
- Total exports averaged 947,387 barrels per day in October, an increase of 21 percent from the previous month.
- Chevron reached its peak export of Venezuelan crude to the United States at 280,000 barrels per day in October.
Venezuela's oil exports reached their highest level in four years, at nearly 950,000 barrels per day in October. This increase is due to increased crude production and sales to India and the United States.
Despite challenges such as a recent storage terminal fire, ongoing U.S. sanctions and arrests related to corruption in the oil sector, Venezuelan oil production has rebounded. This recovery is mainly attributed to the stabilization of processing operations in the Orinoco belt, the country's largest oil region. These improvements made it possible to replenish stocks of heavy crude oil.
Export data reveals significant growth
Shipping data and documents from state-owned PDVSA reveal that total exports, including both crude oil and fuel, averaged 947,387 barrels per day in October. This figure represents an increase of 21 percent from the previous month and marks the highest monthly export volume since the start of 2020.
Venezuela's oil exports to multiple destinations
Venezuela's exports also included 314,500 metric tons of petroleum byproducts and petrochemicals. This quantity is slightly higher than the September figures. Chevron, a U.S.-based producer, reached its peak exports of Venezuelan crude to the United States at 280,000 barrels per day in October. This represents a significant increase since Chevron began exporting Venezuelan heavy grades again in early 2022.
India and Cuba see their exports increase
Additionally, PDVSA increased its exports to India, a key market before the imposition of sanctions in 2019. Three cargoes, totaling approximately 141,000 barrels per day, were shipped to India last month.
While China remains Venezuela's main export destination, with an average of 385,300 barrels per day shipped directly and indirectly in October, this figure is down from September. Exports to Cuba, a political ally facing an energy crisis, increased slightly from 22,000 barrels per day in September to 28,000 barrels per day. Venezuela also saw fuel imports increase, reaching 81,000 barrels per day in October, up from 67,000 barrels per day the previous month.
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