Venezuela’s oil exports rose last month on higher sales to its main Asian customers, and approached one million barrels per day (bpd), a level not seen since the start of 2020, data from monitoring of ships.
Subject to US sanctions since 2019, Venezuela’s exports of crude and refined products have been very volatile. A lack of investment and frequent fires and breakdowns in the South American country’s aging oil infrastructure have capped production and sales.
Last month, national oil company PDVSA, its joint ventures and other state-owned companies shipped an average of 974,033 bpd of crude and fuel, mainly to China. This is the second consecutive month of increase, according to Reuters analysis of tanker movements.
November’s total represents a 10% increase from a revised average of nearly 885,000 bpd in October, and is 57% higher than the same month a year earlier, the data showed.
Sales to Asia, where the country’s biggest buyers are located, fell from 526,000 bpd in October to some 613,000 bpd. Shipments to the United States from producer Chevron, under a license granted by Washington, fell to 238,000 bpd, from 280,000 bpd the previous month, while exports to Europe increased by 31,000 bpd at 85,000 bpd.
The incoming administration of President-elect Donald Trump is expected to review U.S. policies toward Venezuela, which could lead to licensing changes or renegotiations with Venezuelan President Nicolas Maduro’s administration.
The increase in exports occurred despite a major explosion and fire at one of PDVSA’s main natural gas centers, which affected the production of products including methanol.
Venezuelan exports of petroleum byproducts and petrochemicals, including methanol and petroleum coke, declined to 330,500 metric tons in November from 362,000 tons in October, the data showed.
The OPEC country also increased its exports to its political ally Cuba to 38,000 bpd from 28,000 bpd the previous month.
Venezuela imported 87,000 bpd of heavy naphtha and gasoline blend last month through U.S.-sanctioned swap deals with U.S. and European partners, slightly more than the 81,000 bpd of ‘october.
