Venezuela oil exports spike to more than 700,000 bpd in October: data

File image of an oil field worker walking alongside pipelines at PDVSA’s José Antonio Anzoátegui industrial complex in Anzoátegui state, Venezuela. April 15, 2015. REUTERS / Carlos Garcia Rawlins / Archive

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By Marianna Parraga and Mircely Guanipa

Nov 2 (Reuters) – Venezuela’s oil exports topped 700,000 barrels per day (bpd) last month after production and shipments rebounded, helped by imported diluents, according to state-owned PDVSA documents and tracking data from Refinitiv Eikon.

Venezuela’s largest oil region has been recovering crude production and blending in recent weeks after one of the country’s most important allies, Iran, began regularly supplying condensate to dilute the extra-heavy oil from the Orinoco Belt. .

In October, PDVSA and its joint ventures shipped a total of 30 shipments of crude and refined products, mainly to Asia, including a shipment of 2 million barrels of Merey heavy crude to pay Iran for the condensate received.

The second shipment of Iranian condensate that is part of the swap agreement, which arrived on board the Dorena tanker, is expected to finish unloading this month at the Jose terminal in northeastern Venezuela, according to the documents.

Venezuela’s exports averaged 711,193 bpd in October, the third highest average so far this year and a 76% increase since September, when an acute lack of diluents forced PDVSA to cut production and blending.

Higher shipments of residual fuel oil, methanol and petroleum coke also contributed to the increase in exports last month, according to the documents and data.

The state-owned company did not respond to a request for comment.

[Para ver un gráfico sobre las exportaciones mensuales de Venezuela, haga clic en:]

Venezuela’s oil exports, which along with those of Iran have been impacted by US sanctions, have stabilized this year at around 633,000 bpd, a slight increase from 626,000 bpd in 2020, but a large drop from to previous years, when PDVSA had not been vetoed by the US Treasury Department.

Venezuela also shipped 66,000 bpd of crude oil and fuels to Cuba, the data showed.

(Report by Marianna Parraga in Houston and Mircely Guanipa in Punto Fijo .; Edited by Javier López de Lérida)

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