Venezuela stabilized oil exports in March

File Photo (Edited VOP)

UNITED STATES (VOP TODAY NEWS) — The Venezuelan state oil company PDVSA in March supported oil exports at around 1 million barrels per day, despite US sanctions and blackout, which caused damage to its main export terminal. About this writes Reuters referring to the PDVSA documents and Refinitiv Eikon data.

Venezuela, which is a member of OPEC, stabilized exports last month, after shipments fell by about 40% in February right after the United States announced the imposition of sanctions.

The volume of crude oil and fuel supplies in March amounted to 980.355 thousand b / d and was only slightly less than the February supply at the level of 990.215 thousand b / d.

On January 28, Washington included the PDVSA in the black list, which means blocking all its assets in the United States, and also prohibits any operations with it from US legal entities. New restrictions, in fact, are designed to deprive the Nicolas Maduro government of almost the only source of foreign exchange earnings.

US restrictions on Venezuelan exports will be further tightened in May, when the grace period for winding up purchases for importers of Venezuelan oil, which use US subsidiaries or the US financial system to conduct transactions, expires.

US President Donald Trump is considering the issue of imposing sanctions on companies from other countries that do business with Venezuela, White House National Security Adviser John Bolton told Reuters TV on Friday.

Most of the Venezuelan oil supplies in February and March were destined for Asia. Before the introduction of sanctions, the United States was the largest buyer of Venezuelan oil.

Cargo shipped to India, China and Singapore, a center for storage and re-export, accounted for 74% of total exports in March, compared with almost 70% in February.

In March, India once again became the main export destination for Venezuelan oil, with a third of all cargo shipped to refineries owned by Reliance Industries and Nayara Energy.

Exports to Europe accounted for 17% of the total against 22% in February.

PDVSA also continued to export oil to Cuba. In March, at least seven small cargoes with a total volume of 65,520 thousand b / s of crude oil and fuel were sent from the Venezuelan ports.

This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.

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