Venezuela’s oil exports averaged 1.09 million barrels per day (bpd) in September, the highest monthly level since February 2020, according to shipping data and documents from state-run energy company PDVSA. The country has struggled to stabilize oil production and exports since coming under U.S. sanctions in 2019, but rising crude output, sales of accumulated stocks and more imports of diluents used for producing exportable crude grades boosted oil shipments last month, the data and documents showed.
The September average stood 13% above the previous month and was up 39% from the same month last year.
About 84% of total exports last month went directly and indirectly to China, which remained the first destination for Venezuelan crude.
An authorization granted in late July by the administration of U.S. President Donald Trump to oil producer Chevron has allowed increased exports in recent months, with 108,000 bpd of Venezuelan crude shipped by Chevron to the U.S. in September, the data showed.
(Reporting by Marianna Parraga Editing by Nathan Crooks and David Goodman)