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Last month's oil and fuel exports up 62% over a year-ago

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Increase comes amid threat of new sanctions, cabinet

reshuffle

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August shipments average nearly 885,000 bpd

By Marianna Parraga and Mircely Guanipa

HOUSTON/MARACAY, Sept 5 (Reuters) - Venezuela's August

oil exports hit their highest in more than four years, according

to shipping data, fueled by expanded shipments to China, the

U.S. and Europe as the risk of fresh U.S. sanctions grew amid an

electoral dispute.

The U.S. Treasury Department last year granted a broad

license allowing Venezuela to freely export its oil, easing

sanctions imposed by the Trump administration since 2019. The

authorization was not renewed in April, but individual energy

licenses have been issued since.

State oil company PDVSA and joint ventures with U.S. oil

firm Chevron ( CVX ) and Spain's Repsol exported an

average of almost 885,000 barrels per day (bpd) of crude and

fuel in August, data based on tanker movements showed.

That was 50% above the previous month and 62% more than in

the same month of 2023, according to the data.

A dispute over Venezuela's July presidential election has

driven the OPEC-member country to another political crisis, with

incumbent President Nicolas Maduro and opposition leader Edmundo

Gonzalez claiming victory.

Washington has threatened new sanctions if Maduro's

government continues on what the U.S. has described as a path to

isolation and political persecution.

ENERGY CHIEF SHAKE UP

Maduro in August reshuffled his cabinet, reassigning oil

minister Pedro Tellechea, who was also PDVSA's CEO, to industry

minister, while appointing Vice President Delcy Rodriguez as oil

minister and promoting PDVSA's Vice President Hector Obregon to

CEO.

Maduro and Rodriguez also appointed new vice ministers and

PDVSA board members this week.

A total of 51 cargoes carrying Venezuelan crude, fuel, oil

byproducts and petrochemicals departed from the country's waters

last month with Asia again as the main destination, followed by

the U.S., Europe and Cuba.

Chevron's ( CVX ) crude exports to its U.S. refineries and other

customers reached 227,000 bpd, the second highest monthly

average this year, while Repsol shipped some 86,000 bpd to the

U.S. and Europe, below July's 102,000 bpd, according to the

data.

Spain's imports of Venezuelan oil this year have already

topped 2023's total, data released this week by an arm of the

Spanish Energy and Environment Ministry showed.

Chevron ( CVX ), Repsol and other foreign energy firms have expanded

business in Venezuela in recent years under U.S. authorizations.

Washington last month said it did not plan to withdraw the

licenses, but it has not recently referred to the topic.

Venezuela also exported 589,000 metric tons of oil

byproducts and petrochemicals, above July's 266,000 tons. The

country's fuel imports rose to some 90,000 bpd from 59,000 bpd

in July, the data showed.