As US sanctions choked exports, Venezuela’s oil exports plummeted to 17-year low in May. Venezuela’s oil has stopped being received by Schlager Business Group and Mexico-based Libre Abordo that had acted as intermediaries for Venezuelan crude sales.
The US sanctions have reduced Venezuela’s exports as well as deepened the country’s economic crisis. In 18 cargoes, 451,935 bpd of crude and fuel exported by PDVSA and its joint ventures last month. It is the lowest level since a general strike in December 2002-January 2003 which paralyzed the Venezuelan economy and curbed oil exports.
From the average of January through April, May exports fell 50 percent. Little change from May shown by PDVSA’s schedule for June, with 3 cargoes of crude have been assigned to buyers while 3 more cargoes waiting for nominations.
