Exports of Venezuela’s oil rose last month, boosted by increased sales to customers aiming to get as much shipments as possible before a deadline set by the United States to stop dealing with the sanctioned country, according to data from state-run Venezuelan National Oil Company and Refinitiv Eikon.
The United States set deadlines for the customers of the Venezuelan company between October and November to cancel exemptions from the sanctions that allow some companies to continue receiving Venezuelan oil, prompting a few customers in September to start setting dates to receive their last shipments in preparation for the suspension of dealing with the OPEC member country.
According to documents and data, 24 shipments in total exited the company’s ports in September, and carried about 690 thousand barrels per day of crude and fuel for export, the highest level recorded since April.
Forty percent of the shipments are to sail to India, with fewer exports destined for other destinations in Asia and the Middle East. Exports to Europe remained unchanged at around sixty thousand barrels per day.
Even after the September increase, Venezuela’s average oil exports remained at 503,000 barrels per day in the third quarter of the year, the lowest level in more than 70 years and down 11% from the average of the previous quarter, according to the data.
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