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Wednesday, January 20, 2021

Venezuelan Oil Exports Fell to New Low in October

Venezuelan oil exports fell to a historic low of just 359,000 barrels per day in October as most of oil company PDVSA’s long-term clients paused trade in order to meet a US deadline to halt business with the company.

Venezuelan oil exports fell to a historic low of just 359,000 barrels per day in October as most of oil company PDVSA’s long-term clients paused trade in order to meet a US deadline to halt business with the company.

Document from the Venezuelan regime’s oil ministry revealed this historic plummet.  Long-term customers including Italy Eni, Spain’s Repsol and India’s Reliance Industries were able to load cargoes of Venezuelan oil in October because of a Trump administration’s order to stop businesses with the Venezuelan state-run firm.

A total of 26 vessels set sail from the sanctioned nation last month. Figures from the Venezuelan oil ministry showed that the 359,000 barrels per day they exported is the lowest monthly average since early 1943.

PDVSA and its joint ventures exported 381,000 barrels per day in June and 388,000 barrels per day in July, but shipments had bounced to 440,000 barrels per day in August and 703,000 in September, helped by last-minute purchases by their traditional customers.

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