• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 10 mins Platts says if Iran's 2 mm bbls exports comes back on market oil goes to $40 . . . What about new Permian pipelines 2.47 mm bbls coming ? . . . WHAT IF BOTH IRAN AND PERMIAN TOTAL 4.47 mm added bbls . . . OMG !
  • 20 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 12 hours Renewables provided only about 4% of total global energy needs in 2018
  • 5 hours Today President Trump Questioned U.S. Policing the Straits of Hormuz for Rich Asian Countries. Allies Britain and Japan were asked to participate. Said NO. US spends $100 Billion/year Protecting Mideast Shipping Lanes!
  • 2 hours Millions of Barrels of Iranian Oil Are Piled Up in China’s Ports
  • 54 mins So You Think We’re Reducing Fossil Fuel? — Think Again
  • 5 hours N.Y. Governor Signs Climate Bill
  • 1 day Berkeley becomes first U.S. city to ban natural gas in new homes
  • 9 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 2 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 1 day How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 9 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
Oil Markets Ignore The Tanker War

Oil Markets Ignore The Tanker War

While many analysts would have…

Colombia’s Push To Triple Proven Oil & Gas Reserves

Colombia’s Push To Triple Proven Oil & Gas Reserves

Colombia’s new government sees the…

Venezuela Keeps Oil Exports Stable In April

Curacao oil tanker

Despite an escalating situation in Venezuela, oil exports from the country remained perhaps surprisingly stable in April, at an average daily rate of 1.06 million barrels, Reuters reports, citing its own shipping and trading data.

Shipments of Venezuelan crude to China increased during last month, as did cargoes bound for India. The flow of oil from Venezuela to Cuba continued despite attempts by the opposition to put a stop to these.

China took in about a third of the total, at 337,000 bpd, with India importing 27 percent, and Europe a tenth of the total.

Reuters notes, though, that this month things may change, as exports to the US fall even further. The only reason they haven’t already seems to be the grace period Washington gave U.S. importers of Venezuelan crude to wrap up their business with state-owned PDVSA. The deadline for this wrap up was April 28.

According to Reuters data and company documents, the PDVSA loadings program for May was sparse, but shipments for China and Cuba, as well as Russia will in all likelihood continue. Venezuela is repaying Chinese and Russian loans with crude.

Venezuela’s exports plummeted by 40 percent in February, after a month earlier the U.S. imposed the toughest sanctions yet on Caracas, targeting specifically PDVSA. Since then, however, they have stabilized around 1 million bpd. Stockpiles, meanwhile, have declined by 3.8 million barrels as PDVSA’s production continues to fall. To date, Venezuela’s crude oil inventories stand at around 32 million barrels, according to Kpler data.

Meanwhile, Juan Guaido’s opposition’s attempts to topple Nicolas Maduro’s government continue. Despite his repeated calls for more protests and striking across the country, and an attempt at a military coup earlier this week, the situation remains unchanged, bar the rising violence during the protests and counter-protests organized by the government. Many consider the army the key to a regime change in Venezuela. For now, it appears to remain loyal to Maduro.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play