Venezuela reduced its oil exports to India and Europe in June as a result of declining inventories.

In June, oil exports reached 1,163,323 barrels per day, “a decrease compared to the level above 1.2 million barrels per day seen in previous months.”

The South American nation depleted fewer inventories, “but exports to the United States increased to about 786,000 barrels per day, the highest figure since early 2019,” Reuters reports in its monthly report.

On the other hand, export volumes for July marked the second consecutive month of decline after reaching a peak of 1.24 million barrels per day in May.

According to the report, shipments from joint ventures between PDVSA and Chevron remained unchanged (293,000 barrels per day); Vitol, Trafigura, and Novum Energy shipped approximately 604,000 barrels per day in July, “a volume 22 % lower than that reported in June.”

Furthermore, the report indicates that exports from the Venezuelan state-owned oil company to India fell 36 %, declining to 178,000 barrels per day, while shipments to Europe dropped 17 % to 82,200 barrels per day.

Regarding exports of petroleum and petrochemical byproducts, PDVSA exported 324,000 tons, representing a 45 % increase compared to June’s shipments, and imported 81,000 barrels per day of heavy naphtha to dilute its heavy crude oil grades from the Orinoco Belt.

M.Pino

Source: petroguia

(Reference image source: Johanan Suarez on Unsplash)

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