Exports of Venezuelan crude oil sank to its 77-year low in June after US sanctions forced half a dozen tankers to sail away from the South American country without loading any barrel of oil, tanker tracking data showed. The Trump administration has stepped up pressure to oust the socialist President Nicolas Maduro by expanding the sanction list to include oil tankers, international shipping companies, and individuals that are involved in Venezuela’s oil trade.
Customers are now refraining from buying Venezuelan crude to avoid US sanctions. The data showed that state-owned PDVSA and its partners exported 17 cargoes carrying about 379,000 bpd of crude and refined products in June. The volume fell nearly 18% from May and was the lowest since 1943.
According to PDVSA documents, shipments to Europe increased to 130,000 bpd, thanks to larger deliveries to Spain’s Repsol and Italy’s Eni. These shipments came as debt payments and swaps and hence, are exempted from sanctions. Cuba received 82,300 bpd of Venezuelan crude last month, increasing from 67,000 bpd in May.
Venezuela’s Jose port, the country’s main oil terminal, held nearly 14.5 million barrels of crude by the end of June, decreasing from 14.9 million barrels in the middle of the month. Venezuela’s fuel imports also fell in June at 66,000 bpd from 77,100 bpd in May.
