Venezuela's oil exports down in September as freight rates rise, data show
USO•Venezuela's oil exports fell almost 9% to 1.08 million barrels per day in September from August as rising freight costs led traders to seek price discounts.
1. Exports decline
Venezuela exported 1.08 million barrels per day of oil in September, down almost 9% from the previous month, as traders pressed state-run PDVSA for discounts to offset higher freight costs. Traders and shippers said the situation is expected to continue affecting demand this month.
2. Shipment destinations shift
Shipments to the United States rose to 629,000 bpd from 553,000 bpd in August. Exports to India fell to 253,000 bpd from 297,000 bpd, while shipments to Europe dropped to about 86,000 bpd from 260,000 bpd. Exports to Caribbean storage terminals rose to 76,000 bpd from 60,000 bpd.
3. Other oil data
Chevron's Venezuelan crude exports were nearly unchanged at 283,000 bpd. Venezuela also exported about 204,000 metric tons of oil byproducts and petrochemicals, up from 190,000 tons in August, while imports of heavy naphtha and other refined products fell to 99,000 bpd from 166,000 bpd.
