Venezuela’s oil exports reach their highest level in 5 months

Venezuela’s oil exports reach their highest level in 5 months
Venezuela’s oil exports reach their highest level in 5 months

Venezuela’s oil exports increased last month, reaching their highest level in 5 months, according to data from PDVSA and the analytical platform Refinitiv Eikon.

The rise in Venezuelan oil exports is due to the approaching expiry date of the exemptions from the US sanctions granted to many buyers of Venezuelan oil until the months of October and November.

According to available data, Venezuela exported 24 oil shipments in September, amounting to 690 thousand barrels per day, which is the highest level recorded since last April.

Reports indicate that more than 40% of Venezuela’s exports go to India, and among the big buyers are also some countries in Asia and the Middle East. European consumers buy about 60,000 barrels per day of Venezuelan oil.

The average of Venezuela’s oil exports during the last 3 months reached 503 thousand barrels per day, which is the lowest level of Venezuela’s oil exports in more than 70 years, and it is 11% less than the average exports in the previous three months.

It is noteworthy that the Venezuelan oil sector has been subjected to US sanctions, as Washington accuses the Venezuelan authorities of corruption, human rights violations and other charges.

Source: Reuters

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