Venezuela's oil exports unchanged amid stagnant output, high freight rates
USO•Venezuela's oil exports were little changed at 1.08 million barrels per day in October, down 0.5% from September and 21% higher than a year earlier. Exports to the U.S. fell nearly 29% to 449,000 bpd, while shipments to Europe rose to 235,000 bpd.
1. October exports
Venezuela exported 1.08 million barrels per day of crude, fuel, oil products and petrochemicals in October, according to shipping data. Volumes were down 0.5% from September and were the lowest since February, but 21% above a year earlier; 67 vessels departed Venezuelan waters.
2. Destination shifts
Exports to the United States fell nearly 29% from September to about 449,000 bpd. Shipments to Europe rose to 235,000 bpd from 86,000 bpd, while exports to India edged down to 242,000 bpd from 253,000 bpd. Shipments to Caribbean storage hubs increased to 83,000 bpd from 76,000 bpd.
3. Production and shipments
Stagnant crude production and high freight rates continued to curb demand for many South American grades. Venezuela's output and exports have rebounded this year to near pre-sanctions levels, but growth has recently plateaued as producers prepare investments in drilling equipment and repairs to PDVSA infrastructure. Chevron's Venezuelan crude exports rose to about 303,000 bpd, while trader-handled shipments fell to about 506,000 bpd from 637,000 bpd.
