Exports fell to 1.08 million barrels per day in September
The Daily Journal.- Venezuela’s oil exports fell nearly 9% in September to 1.08 million barrels per day, down from 1.19 million barrels per day the previous month.
According to Reuters, rising maritime freight costs and traders’ demands for steeper discounts weighed on the country’s shipments.
The cost of chartering an Aframax tanker from the port of José to the U.S. Gulf Coast climbed to about $3.5 million, equivalent to $5 per barrel. That figure nearly tripled from the previous level of $1.35 million.
Against that backdrop, Vitol and Trafigura, which handle more than half of the shipments, demanded discounts of between $18 and $20 per barrel below Brent prices to protect their profit margins.
Venezuela’s oil exports
The United States strengthened its position as the main destination for Venezuelan oil, increasing purchases to 629,000 barrels per day from 553,000 in August. India, however, reduced its imports to 253,000 barrels per day. Meanwhile, Europe recorded the sharpest decline in purchases, falling to 86,000 barrels per day from 260,000 the previous month.
Chevron maintained its shipments at around 283,000 barrels per day, while trading companies increased their shipments to 637,000 barrels per day.
Rystad Energy estimated that Venezuelan oil production could reach 1.6 million barrels per day by 2028, although the country had only two active drilling rigs in August. Major shortcomings in the electricity system also continue to delay expansion of oil projects.
With information from Reuters
