Venezuela’s oil exports hold at 1.08 million barrels a day as growth stalls
Venezuela exported 1.08 million barrels of oil a day in October, little changed from September and the lowest monthly level since February, Reuters reports. Shipments were 21% higher than a year earlier, but stagnant output and high freight rates have limited further growth.
Bottom line — Venezuela’s October exports were 21% above a year earlier, but the recent rebound has plateaued.
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Exports to the US fell nearly 29% month on month to about 449,000 barrels a day, Reuters says.
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Shipments to Europe rose to 235,000 barrels a day from 86,000 in September.
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India received 242,000 barrels a day, down from 253,000; shipments to Caribbean storage hubs rose to 83,000 from 76,000.
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Chevron’s exports reached about 303,000 barrels a day, their second-highest monthly average this year.
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Venezuela imported 139,000 barrels a day of naphtha from the US and Europe, up from 91,000 in September, according to Reuters.
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Stocks of diluted crude at the Jose terminal approached 4 million barrels, which a PDVSA document indicated was a sign of weak demand.