Venezuela's oil exports unchanged as output stagnates and freight rates remain high, data shows
CVX•Venezuela exported 1.08 million barrels per day of oil in October, down 0.5% from September and the lowest volume since February, shipping data showed. Exports to the US fell nearly 29% to 449,000 bpd, while shipments to Europe rose to 235,000 bpd.
1. October shipments
Venezuela's oil exports were little changed at 1.08 million barrels per day in October as stagnant crude production and high freight rates curbed demand for many South American grades, shipping data showed. Sixty-seven vessels departed carrying crude, fuel, oil products and petrochemicals. Volumes were 21% higher than a year earlier.
2. Destinations and traders
Exports to the US 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 dipped to 242,000 bpd from 253,000 bpd. Shipments to Caribbean storage hubs increased to 83,000 bpd from 76,000 bpd.
3. Production context
Venezuela's oil output and exports have rebounded this year to near pre-sanctions levels following the US capture of then-President Nicolas Maduro in January and a flagship agreement with global traders overseen by Washington. Growth has recently plateaued as producers prepare investments in drilling rigs, equipment and repairs to state-run PDVSA's ageing infrastructure. Chevron's Venezuelan crude exports rose to about 303,000 bpd, their second-highest monthly average this year; shipments handled by traders including Vitol and Trafigura fell to about 506,000 bpd from 637,000 bpd.
