SEATTLE (Oil Monster): Venezuela's oil exports were little changed at about 1.08 million barrels per day in October as stagnant crude production and elevated freight costs continued to limit demand for some South American grades, according to shipping data reviewed by Reuters.
A total of 67 vessels departed Venezuelan waters during October carrying crude oil, fuel, petroleum products and petrochemicals.
Overall export volumes declined 0.5% from September, marking their lowest level since February, although shipments remained 21% above year-earlier levels.
Venezuela's oil production and exports have recovered this year toward pre-sanctions levels, but growth has recently plateaued as producers prepare investments in drilling rigs, equipment and repairs to ageing infrastructure operated by state oil company PDVSA.
The United States remained Venezuela's largest crude destination, but shipments fell nearly 29% from September to approximately 449,000 barrels per day.
In contrast, exports to Europe climbed to about 235,000 bpd from 86,000 bpd in September.
Shipments to India edged lower to 242,000 bpd from 253,000 bpd, while deliveries to Caribbean storage hubs increased to 83,000 bpd from 76,000 bpd.
Venezuela's headline export volume barely changed in October, but the destination mix shifted significantly. U.S. deliveries fell by almost 29% while European shipments rose by 149,000 barrels per day from September. The change shows that stable total exports can mask large month-to-month movements between individual markets.
Chevron's exports of Venezuelan crude increased to approximately 303,000 barrels per day, their second-highest monthly average of 2026.
Shipments handled by trading firms including Vitol and Trafigura declined to about 506,000 bpd from 637,000 bpd in September, according to data combining PDVSA export records and vessel-tracking information.
At Venezuela's main Jose oil terminal, inventories of flagship Merey crude ended October below September levels.
However, inventories of diluted crude oil produced using naphtha continued to rise, approaching 4 million barrels, according to a PDVSA document cited by Reuters.
Venezuela also imported approximately 139,000 bpd of naphtha from the United States and Europe during October, up from 91,000 bpd in September. PDVSA and its partners use the product to dilute Venezuela's extra-heavy crude for transportation and export.
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Courtesy: www.reuters.com
