• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 hours America should go after China but it should be done in a wise way.
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Venezuela’s Oil Exports Hover Around 700,000 Bpd

Venezuela’s oil exports are hanging tough around 700,000 bpd, where they have been for the last three months, according to tanker tracking data and PDVSA documents cited by Reuters.

Of that 700,000 bpd, roughly 75% of that oil found its way to Asia and the Middle East, tanker tracker data showed.

PDVSA’s oil exports fell sharply last year after the United States toughened its stance on the Latin American country’s oil exports by ordering it to stop swapping its crude oil for imported fuel—a type of transaction that had been previously allowed under U.S. sanctions.

Venezuela’s oil exports were below 400,000 bpd last September and below 370,000 bpd last October. But in November, Venezuela increased its exports to 690,000 bpd after it found new mysterious buyers that were all registered in Russia.

For the month of March, Venezuela shipped an average of 688,533 bpd of crude oil and fuel. One of those cargoes, of 110,000 barrels, however, made its way to Europe.

This 688,000 bpd is a 19% drop from this time last year.

Venezuela’s exports are a shell of what they once were prior to the start of the sanctions and prior to the socialist government running its oil industry into the ground.

Still, the United States has been unable to force Venezuela’s oil exports to zero. In perhaps a show of good faith, Venezuela today released from jail the six U.S. executives at Citgo, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, and placed them on house arrest while the Biden administration reviews the U.S. sanctions. The Citgo 6 have been detained in Venezuela since 2017, and in prison for years.

ADVERTISEMENT

India, for one, struggling to find more sources for cheap crude oil, has voiced its preference for being able to import Venezuelan oil.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News