Venezuela’s oil exports declined 26% to some 808,000 barrels per day in October as the country’s stocks dwindled and it imported smaller volumes of diluents to produce exportable crude grades, according to shipping data and documents from state firm PDVSA.
The OPEC country’s exports had reached a five-year high in September after being boosted by stable crude production of around 1.1 million bpd and robust imports of light crude and naphtha – especially from Russia – earlier in the year to dilute its extra heavy oil output.
However, imports fell to around 41,000 bpd in September and 73,500 bpd in October, below the 105,000-110,000 bpd registered in the first two quarters of the year, knocking down PDVSA’s inventories of diluents and blend crudes, the data and documents showed.
A total of 34 vessels departed from Venezuelan waters last month, carrying 808,000 bpd of crude and refined products and some 195,000 metric tons of oil byproducts and petrochemicals. The volume was 9% below the same month of 2024.
About 80% of total exports, or some 663,000 bpd, went directly and indirectly to China through little-known intermediaries working with PDVSA since Washington first imposed sanctions on the company in 2019. China remained Venezuela’s primary destination for oil exports last month.
The U.S. received around 128,000 bpd shipped by PDVSA partner Chevron, according to the data.
Venezuela also sent 11,000 bpd of refined products to its political ally Cuba.
President Donald Trump’s government in August granted an authorization for Chevron to operate in U.S.-sanctioned Venezuela and export oil with restrictions. The limitations effectively allow the company to export only about half of its joint-venture output after paying royalties and in-kind taxes to President Nicolas Maduro’s administration.
(Reporting by Marianna Parraga Editing by Nathan Crooks and Peter Graff)