By Marianna Parraga and Mircely Guanipa May 1 (Reuters) – Venezuela's oil exports increased by 14% to 1.23 million barrels per day in April, marking the highest level in over seven years. This rise came from increased...
By Marianna Parraga and Mircely Guanipa
May 1 (Reuters) – Venezuela's oil exports increased by 14% to 1.23 million barrels per day in April, marking the highest level in over seven years. This rise came from increased sales to the United States, India, and Europe, according to shipping data and information from the state oil company PDVSA.
In recent months, Venezuela has been working through its oil inventories and boosting crude production. This change followed the U.S. decision to support President Nicolas Maduro’s opposition in January, resulting in a significant supply agreement between the U.S. government and Venezuela's interim President Delcy Rodriguez.
This agreement, along with U.S. licenses that eased sanctions on Venezuela this year, has enabled PDVSA's partners and trading companies like Vitol and Trafigura to transport oil from the state-owned company to refineries in the U.S., Europe, and Asia.
In April, 66 vessels left Venezuelan ports, compared to 61 ships that carried 1.08 million barrels per day of crude and refined products in March. The average for April represents the highest monthly volume seen since late 2018, before U.S. sanctions were applied to Venezuela’s energy sector.
ALL OVER THE WORLD
Last month, the primary destination for Venezuelan oil was the U.S., with approximately 445,000 barrels per day exported directly, up from 363,000 barrels per day in March. Exports to India rose to 374,000 barrels per day from 342,000 barrels in the previous month, while shipments to Europe grew to around 165,000 barrels per day, up from 144,000.
Additionally, about 187,000 barrels per day of Venezuelan crude and fuel were sent to storage facilities in the Caribbean for further sales.
Trading companies managed about 56% of total exports, equivalent to 691,000 barrels per day, while U.S. company Chevron was responsible for 25% or 308,000 barrels, an increase from 267,000 barrels in March.
Indian refinery Reliance Industries received a significant crude shipment directly from PDVSA and also purchased several cargos from traders last month, as reported.
Thanks to the supply agreement, Venezuela's oil exports have diversified and reached more customers compared to previous months, moving away from the restrictions of earlier sanctions. The U.S. continues to oversee Venezuela's oil sales through accounts controlled by the Treasury Department.
Sales to Reliance are expected to keep increasing this month, with at least three supertankers chartered by the Indian company ready to load at Venezuelan ports.
In April, Venezuela also exported 360,000 metric tons of oil byproducts and petrochemicals, slightly down from 382,000 tons the previous month, and imported around 141,000 barrels per day of naphtha, compared to 155,000 barrels per day in March.
Venezuelan oil exports reached their highest average since late 2018.