Venezuela's oil exports reach highest level in four years thanks to increased production and sales to the United States and India – 11/01/2024 at 5:30 p.m.

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

Venezuela's oil exports reached their highest level in four years, approaching 950,000 barrels per day in October, boosted by increased crude production and sales to India and the United States, according to shipping data and documents from the state company PDVSA.

The increase occurred despite the fire at a major storage terminal last month, the strengthening of U.S. sanctions since June and the arrest of the country's former oil minister, Pedro Tellechea, and former executives of PDVSA for allegations of corruption.

A recovery in crude production, mainly due to the stabilization of processing operations in Venezuela's largest oil region, the Orinoco belt, helped replenish heavy crude stocks, according to PDVSA documents.

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

The South American country, which remains under U.S. sanctions since 2019, also exported 314,500 metric tons of petroleum byproducts and petrochemicals, slightly more than September's 267,000 tons.

Chevron CVX.N crude shipments to the United States hit 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 REP.MC also exported cargoes of Venezuelan oil to the United States and Spain last month.

PDVSA increased its exports to India, which was an important market before sanctions, sending three cargoes, or about 141,000 bpd, last month, data showed.

Crude deliveries to the United States, Europe and India are authorized by American licenses to certain partners and customers of PDVSA's joint ventures, including Chevron, Repsol, Eni ENI.MI, Maurel & Prom MAUP.PA and Reliance Industries RELI.NS.

However, China remained the top destination for Venezuela's oil exports in October, with 385,300 bpd shipped to the world's top oil importer, directly and indirectly. Exports to China were higher in September, averaging 451,500 bpd.

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

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