• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 8 hours In a Nutshell...
  • 1 day Is OilPrice a cover for Green Propganda
  • 5 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 12 hours Putin Paid Militants to Kill US Troops
  • 1 hour Why Wind is pitiful for most regions on earth
  • 1 day Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 16 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 17 hours Happy 4th of July!
  • 15 hours Apology Accepted!
  • 1 day Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 2 days The Political Genius of Donald Trump
  • 3 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 3 days Why Oil could hit $100
Tighter Markets End Lucrative Oil Trade

Tighter Markets End Lucrative Oil Trade

From a super contango in…

Natural Gas Price Plunge Could Soon Lead To Shut-Ins

Natural Gas Price Plunge Could Soon Lead To Shut-Ins

U.S. natural gas drillers are…

Venezuela Oil Exports Rebound In June As China Takes Most Crude

Venezuela exported 1.1 million bpd of crude oil and refined oil products in June, up by 26 percent from May, thanks to higher shipments under oil-for-loan deals with China, Reuters reported on Tuesday, citing Refinitiv Eikon data and company records of Venezuela’s state oil firm PDVSA.

According to the oil company’s documents, China accounted for 59 percent of Venezuela’s oil shipments last month, with India and Singapore a distant second and third, with 18 percent and 10 percent of Venezuela’s oil exports, respectively.

In May, Venezuela’s oil exports had slumped by 17 percent on the month to 874,500 bpd as the country had shut down almost all of its upgraders.

Venezuela had to seriously reshuffle its crude oil and oil products export destinations earlier this year after the U.S. essentially prohibited Venezuelan oil imports to America.

The United States imposed sweeping sanctions on Venezuela’s oil industry and PDVSA at the end of January to cut off a cash lifeline for Nicolas Maduro and his regime, after Washington recognized opposition leader Juan Guaidó as the legitimate interim president of the Latin American country sitting on the world’s largest crude oil reserves.

Unable to export its crude oil to the United States—which didn’t import any crude oil from Venezuela in the week to March 15 for the first time ever since the EIA began tracking weekly U.S. crude oil imports—Venezuela is now prioritizing shipments to Asia, especially to China, with which it has struck oil-for-loan agreements and has to repay those with oil to China National Petroleum Corporation (CNPC).

While Venezuela’s oil exports to China averaged 233,000 bpd in February immediately after the U.S. sanctions cut off Venezuelan oil from the U.S. market, those exports nearly tripled to 656,000 bpd in June, according to the data. The U.S. didn’t import any crude oil from Venezuela last month, according to the data that Reuters has compiled.

By Tsvetana Paraskova 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