By Marianna Parraga and Mircely Guanipa
HOUSTON/MARACAY (Reuters) – Venezuelan oil exports rose to a four-year high of nearly 950,000 barrels a day in October, boosted by growing crude production and more sales to India and the United States, according to shipping data and documents of the state-owned company. PDVSA.
The increase came despite a major fire at a storage terminal last month, tougher US sanctions since June and the arrest of the country’s former oil minister, Pedro Tellechea, and former PDVSA executives on corruption charges.
A rebound in crude oil production, mainly due to the stabilization of processing activities in Venezuela’s largest oil region, the Orinoco Belt, has allowed the recovery of heavy crude supplies, the PDVSA documents show.
In total, PDVSA and its joint ventures exported an average of 947,387 barrels of crude oil per day, up 21% from the previous month and the highest monthly figure since early 2020, according to the data, based on tanker movements.
The South American country, which has been under US sanctions since 2019, also exported 314,500 tonnes of oil by-products and petrochemicals, up slightly from September’s 267,000 tonnes.
Chevron’s crude oil shipments to the United States peaked at 280,000 barrels per day, the highest since the U.S. producer resumed exports of the heavy grades from Venezuela early last year. Spanish producer Repsol also exported Venezuelan oil cargoes to the US and Spain last month.
PDVSA increased exports to India, which was a top market before the sanctions, sending three cargoes, or about 141,000 barrels per day, last month, the data showed.
Crude oil supplies to the US, Europe and India are permitted under US licenses to some of PDVSA’s joint venture partners and customers, including Chevron, Repsol, Eni, Maurel & Prom and Reliance Industries.
However, China remained the top destination for Venezuela’s oil exports in October, shipping 385,300 barrels per day directly and indirectly to the world’s largest oil importer. Exports to China were higher in September, when they averaged about 451,500 barrels per day.
Venezuelan exports to political ally Cuba, which is struggling to overcome an acute energy crisis, rose slightly to 28,000 barrels per day from 22,000 barrels per day in September.
Venezuela also saw an increase in fuel imports to 81,000 barrels per day, compared to 67,000 barrels per day the month before, according to the data.
(Reporting by Marianna Parraga in Houston and Mircely Guanipa in Maracay, Venezuela; Editing by Marguerita Choy)
