In September, Venezuela’s oil exports hit the highest level in five months on the back of large sales ahead of the US deadline for customers to wind-down trade with the sanctioned country.
Last month a total of 24 cargoes carrying about 690,000 bpd of crude and fuel for exports left the state-owned Petróleos de Venezuela, S.A. (PDVSA) ports. It was the biggest number since April, according to the company and Refinitiv Eikon.
More than 40% of exports were for India, followed by other destinations in Asia and the Middle East. Exports to Europe remained stable around 60,000 bpd.
The September figure brought the country’s third-quarter oil exports to 503,000 bpd, the lowest in more than seven decades and down by 11% on a quarterly basis.
Venezuela also raised its oil imports in the month to 1560,000 bpd of condensate, gasoline, and diesel through oil swaps with its customers and business partners. The volume was thrice higher than August’s.
Amid the sanctions on the Venezuelan oil sector, Washington gave the customers of PDVSA deadlines between October and November for ending the exemptions on the sanctions, which enabled some buyers to schedule the last cargoes from Venezuela.
