Oil Exports by Venezuela Tumbled in October

SEATTLE (Oil Monster): The latest statistics released by the state-run oil firm PDVSA indicates that oil exports by Venezuela dropped significantly during the month of October this year. The huge dip in production send the exports to fourth lowest monthly levels, it noted.

A total of 25 cargoes, carrying an average of 533,968 bpd of crude and products, departed from the country. This is considerably lower by 25% from the prior month. Upon comparison with the same month a year before, the exports were down by 23%. The dip in exports corresponds to sharp fall in crude output by the country. Venezuela reported 57,000 bpd decline in its crude output in the month of September to total 666,000 bpd. Incidentally, this is the second lowest monthly production in 2022.

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The PDSV data suggests that majority of crude oil exports from Venezuela were headed to Asian countries, mainly Malaysia and China. The country sent 52,000 bpd of crude, fuel oil, diesel and jet fuel to Cuba, to offset the dip in imports by that country following damages caused to its primary oil terminal in August this year. Also, Venezuela shipped a 1.9 million barrel cargo to Iran as partial payment, as part of oil swap deal between companies belonging to both the countries.