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Venezuela's oil exports drop 26% from September

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Imports of diluents from Russia decreased significantly

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China remains primary destination for Venezuelan oil

exports

By Marianna Parraga

HOUSTON, Nov 3 (Reuters) - Venezuela's oil exports

declined 26% to some 808,000 barrels per day in October as the

country's stocks dwindled and it imported smaller volumes of

diluents to produce exportable crude grades, according to

shipping data and documents from state firm PDVSA.

The OPEC country's exports had reached a five-year high in

September after being boosted by stable crude production of

around 1.1 million bpd and robust imports of light crude and

naphtha - especially from Russia - earlier in the year to dilute

its extra heavy oil output.

However, imports fell to around 41,000 bpd in September and

73,500 bpd in October, below the 105,000-110,000 bpd registered

in the first two quarters of the year, knocking down PDVSA's

inventories of diluents and blend crudes, the data and documents

showed.

A total of 34 vessels departed from Venezuelan waters last

month, carrying 808,000 bpd of crude and refined products and

some 195,000 metric tons of oil byproducts and petrochemicals.

The volume was 9% below the same month of 2024.

About 80% of total exports, or some 663,000 bpd, went

directly and indirectly to China through little-known

intermediaries working with PDVSA since Washington first imposed

sanctions on the company in 2019. China remained Venezuela's

primary destination for oil exports last month.

The U.S. received around 128,000 bpd shipped by PDVSA

partner Chevron ( CVX ), according to the data.

Venezuela also sent 11,000 bpd of refined products to its

political ally Cuba.

President Donald Trump's government in August granted an

authorization for Chevron ( CVX ) to operate in U.S.-sanctioned

Venezuela and export oil with restrictions. The limitations

effectively allow the company to export only about half of its

joint-venture output after paying royalties and in-kind taxes to

President Nicolas Maduro's administration.