05/24  Closing Prices / revised 05/24/2024 21:59 GMT 05/23    OPEC Basket  $82.41  -$0.86 cents     | 05/24    Mexico Basket (MME) $73.35  +$0.89 cents   | 04/30 Venezuela Basket (Merey)   $74.91   +$3.93 cents | 05/24   NYMEX WTI Texas Intermediate June CLM24   $77.72   +$0.85 cents  | 05/24    ICE Brent July  BRNN24     $82.1     +$0.76 cents    | 05/24    NYMEX Gasoline June RBM24     $2.48  +0.6%    |  05/24   NYMEX  Heating Oil June  HOM 24     $2.41   +0.1% | 05/24     Natural Gas June NGM24  $2.52     -5.2%   | 05/24    Active U.S. Rig Count (Oil & Gas)    600  -4  | 05/24   USD/MXN Mexican Peso  16.6948  (data live)  | 05/24   EUR/USD    1.0847 (data live)  | 05/27   US/Bs. (Bolivar)   $36.51290000 ( data BCV)  

Venezuelan oil exports down on US sanctions, lower sales to Asia

An oil tanker is seen at sea outside the Puerto La Cruz oil refinery in Puerto La Cruz, Venezuela July 19, 2018. REUTERS/Alexandra Ulmer/
An oil tanker is seen at sea outside the Puerto La Cruz oil refinery in Puerto La Cruz, Venezuela July 19, 2018. Reuters/Alexandra Ulmer

Marianna Parraga and Mircely Guanipa, Reuters

EnergiesNet.com 05 03 2024

Venezuelan oil exports declined 38% in April after tanker owners and customers pulled several vessels waiting to load out of the country’s waters as a reimposition of U.S. sanctions approached, according to shipping data and documents.

The U.S. Treasury Department last month said it would not renew a six-month license extended to Venezuela’s oil sector last year, and gave companies until the end of May to wind down pending transactions.

A total of 37 vessels departed from Venezuela’s ports in April. Exports averaged 545,000 barrels per day (bpd) of crude and fuel, below a peak of 873,500 bpd shipped in March and 703,000 bpd exported in the same month a year-ago, according to data from financial firm LSEG based on tanker movements.

About six supertankers have left Venezuela empty in recent weeks after waiting for months to load crude at ports operated by state oil company PDVSA (PDVSA.UL). Loading delays and customer fears the wind-down period granted by Washington would not be enough to complete the sales were behind the departures, the data and company documents showed.

At least two of the tankers that left without loading had been chartered by Polish state-controlled refiner Orlen (PKN.WA), and were expected to sail to Asia, according to the data and documents.

The Polish government is investigating the loss of about $400 million by Orlen’s Switzerland-based trading unit in prepayments for Venezuelan oil cargoes the company did not receive.

The missed deliveries hit PDVSA’s exports to Asia in April, which fell 64% to 206,000 bpd. Shipments to the United States rose 34% to 238,000 bpd, driven by larger output and exports from joint ventures between the state firm and Chevron (CVX.N), the data showed.

Venezuela also exported 236,000 metric tons of oil byproducts and petrochemicals, below the 463,000 tons shipped in March, and slightly increased fuel imports to some 57,000 bpd from 53,000 bpd the previous month.

Reporting by Marianna Parraga in Houston and Mircely Guanipa in Maracay, Venezuela; Editing by Cynthia Osterman

reuters.com 05 02 2024

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top