Venezuela's oil exports down in Sep amid high freight rates, data shows

By Reuters News

By Marianna Parraga and Mircely Guanipa

Oct 1 (Reuters) - Venezuela's oil exports declined to 1.08 million barrels per day (bpd) in September from 1.19 million bpd the previous month as traders pressed state-run PDVSA for price discounts to offset rising freight costs, shipping data showed on Thursday.

Global ​trading houses including Vitol and Trafigura began pushing for steeper discounts on Venezuelan crude last month as rising freight rates shrank their ‌margins, which contributed to shipping delays and tanker re-routings.

Venezuela's oil exports, which have been under Washington's oversight since US forces captured then-president Nicolas Maduro in January, increased to the US last month with 629,000 bpd sent to that destination versus 553,000 bpd in August.

Shipments to India fell to 253,000 bpd from 297,000 bpd in August, while exports to Europe decreased to some 86,000 bpd from 260,000 bpd in that period, according to the data, based on tanker movements.

Exports of Venezuelan crude by US energy major Chevron CVX.N, PDVSA's largest joint venture partner, remained almost unchanged at 283,000 bpd in September, while the trading firms shipped some 637,000 bpd to several destinations, above the 597,000 bpd of August.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.
The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.
To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.
 

Cryptocurrency-related content is intended solely as news and market commentary. Crypto Derivatives are not available to Retail clients registered with Capital Com (UK) Ltd.