In October, Venezuela’s oil exports jumped as its output and shipments were boosted by supplies of imported diluents from Iran.
Last month’s exports averaged 711,193 bpd, the third-highest year-to-date and also a 76% increase from the previous month.
The number was achieved on the back of Iran started regularly supplying condensate for diluting Venezuela’s Orinoco Belt's extra-heavy oil. The imports alleviated the impact of US sanctions on the Venezuelan oil sector as now its largest oil-producing region has regained its output and blending capacity in recent weeks.
The development was also supported by the higher shipments of residual fuel oil, methanol, and petroleum coke.
Petroleos de Venezuela SA (PDVSA) and its joint ventures (JV) exported 30 cargoes of crude and refined products mainly to Asia. The country also transferred 66,000 bpd of crude and refined products to Cuba.
In the first ten months of 2021, Venezuela’s oil exports have stabilized at around 633,000 bpd, a tad higher from last year’s 626,000 bpd but still far cry from prior US sanctions.
