financetom
Business
financetom
/
Business
/
Venezuela's oil exports hit a 4-year peak on higher output, sales to US, India
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Venezuela's oil exports hit a 4-year peak on higher output, sales to US, India
Nov 4, 2024 3:01 AM

HOUSTON/MARACAY (Reuters) - Venezuela's oil exports rose to a four-year high, approaching 950,000 barrels per day in October, boosted by growing crude output and more sales to India and the United States, according to shipping data and documents from state firm PDVSA.

The increase happened despite a large storage terminal fire last month, tighter U.S. sanctions since June and the arrest of the country's former oil minister, Pedro Tellechea, and former PDVSA executives over corruption allegations.

A bounce in crude production, mainly due to the stabilization of processing operations at Venezuela's largest oil region, the Orinoco Belt, has allowed the recovery of heavy crude inventories, the PDVSA documents showed.

In total, PDVSA and its joint ventures exported an average of 947,387 bpd of crude and fuel, 21% over the previous month and the highest monthly figure since early 2020, according to the data, based on tanker movements.

The South American country, which has remained under U.S. sanctions since 2019, also exported 314,500 metric tons of oil byproducts and petrochemicals, slightly more than the 267,000 tons of September.

Crude shipments by Chevron ( CVX ) to the United States reached a peak of 280,000 bpd, the highest since the U.S. producer resumed exports of Venezuela's heavy grades early last year. Spanish producer Repsol also exported Venezuelan oil cargoes to the U.S. and Spain last month.

PDVSA increased exports to India, which used to be a top market before the sanctions, sending three cargoes, or about 141,000 bpd, last month, the data showed.

Crude deliveries to the U.S., Europe and India are authorized under U.S. licenses to some PDVSA's joint venture partners and customers, including Chevron ( CVX ), Repsol, Eni, Maurel & Prom, and Reliance Industries.

However, China remained the main destination of Venezuela's oil exports in October with 385,300 bpd shipped to the world's top oil importer directly and indirectly. Exports to China had been higher in September, when they averaged some 451,500 bpd.

Venezuela's exports to political ally Cuba, which is struggling to overcome an acute energy crisis, slightly rose to 28,000 bpd, from 22,000 bpd in September.

Venezuela also saw an increase in fuel imports to 81,000 bpd, from 67,000 bpd the previous month, according to the data.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Copyright 2023-2026 - www.financetom.com All Rights Reserved