Venezuela’s oil exports remained largely unchanged at 1.08 million barrels per day (mmbbl/d) in October, as stagnant crude production and rising shipping costs continued to weigh on demand for the country’s oil, according to shipping data seen by Reuters.

The country’s exports edged down 0.5% from September to their lowest level since February but increased 21% year on year (YoY). A total of 67 vessels departed Venezuelan waters during the month, carrying crude oil, fuels, oil byproducts, and petrochemicals, the data showed.

Venezuela’s exports growth has recently stalled as oil and gas producers prepare investments to expand production capacity through drilling rig and equipment imports and repairs to state-owned Petróleos de Venezuela (PDVSA)’s aging infrastructure.

The US, Venezuela’s largest crude export destination, received around 449,000 bbl/d in October, down nearly 29% from the previous month.

During the month, the US government received and sold to domestic refineries the first Venezuelan crude cargo under its agreement with North American Blue Energy Partners (NABEP), Reuters reported. The government received ​the oil “at no cost,” the White House official told Reuters, while Trump called it a gift earlier in ⁠the day.

Meanwhile, Venezuelan shipments to Europe increased to 235,000 bbl/d from 86,000 bbl/d in September, while exports to India declined slightly to 242,000 bbl/d from 253,000 bbl/d. Shipments to Caribbean storage hubs rose to 83,000 bbl/d from 76,000 bbl/d.

US Chevron’s Venezuelan crude exports increased to about 303,000 bbl/d, marking the company’s second-highest monthly average this year. In contrast, shipments handled by traders including Vitol and Trafigura fell to around 506,000 bbl/d from 637,000 bbl/d in September, according to data combining PDVSA export records and vessel-tracking information.

Reuters reported that Venezuela’s main oil terminal, Jose, inventories of the country’s flagship Merey crude grade closed October below September levels. However, stocks of naphtha-diluted crude continued to rise, approaching 4 million barrels (mmbbls), indicating weak demand, according to a PDVSA document.

It is worth noting that Venezuela imported 139,000 bbl/d of naphtha from the US and Europe in October, up from an average of 91,000 bbl/d in September. PDVSA and its partners use naphtha to dilute the country’s extra-heavy crude oil production.