Venezuela’s oil exports experienced an 8 % drop at the end of January, as reported by Reuters, as a result of contract reviews requested by the new PDVSA president, Pedro Tellechea.
The new manager ordered in January to suspend “most export contracts for crude oil and refined products to submit them to audits, a measure to prevent ships from setting sail before completing payments for shipments.”
The measure caused serious delays in cargoes, which extend to filling in ports, in addition to reducing the list of authorized clients to a minimum of participants in “oil swaps and debt payment agreements with Venezuela.” The list includes Cubametales, Naftiran Intertrade Company of Iran and the oil companies Chevron and Eni, of Italy.”
Exports in February of the Venezuelan state PDVSA and its affiliates were estimated at 555,250 bpd of crude and fuel, destined mainly for China (70 %). Which reveals a drop of 8 % compared to January, in addition to being the lowest since mid-2022.
(Reference image source: Worksite Ltd., Unsplash)
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