Venezuela's oil exports down in September as freight rates rise, data shows

USO•2026-10-01

Venezuela's oil exports fell to 1.08 million barrels per day in September from 1.19 million in August as traders sought discounts to offset rising freight costs. Shipments to the United States rose, while exports to India and Europe declined.

1. Exports decline

Venezuela's oil exports fell to 1.08 million barrels per day in September from 1.19 million in August, shipping data showed. Rising freight rates squeezed traders' margins, prompting them to press state-run PDVSA for steeper discounts and contributing to shipping delays and tanker reroutings.

2. Destination shifts

Shipments to the United States rose to 629,000 barrels per day from 553,000 in August. Exports to India fell to 253,000 from 297,000, while shipments to Europe declined to about 86,000 from 260,000. Chevron's Venezuelan crude exports were nearly unchanged at 283,000 barrels per day; trading firms shipped about 637,000, up from 597,000 in August.