Venezuelan oil exports rose again for a consecutive month after customers began seeking to buy as much crude as possible from the sanctioned nation before the US ramps up sanctions, according to Reuters.
The US has given customers deadlines ranging between October and November for ending exemptions to US sanctions allowing some firms to still receive Venezuelan oil. As a result, there has been a wave of cargoes departing from the OPEC-member nation.
A total of 24 cargoes left from PDVSA’s ports in September carrying some 690,000 barrels per day (bbl/d) of crude and fuel for exports, the highest level registered since April.
The main recipient of the Venezuelan crude is India, with 40% of total Venezuelan exports heading its way. Among others, exports to other destinations in Asia and the Middle East are set to get an influx. With regard to Europe, exports remain stable at around 60,000 bbl/d.
Venezuela’s oil exports averaged 503,000 bbl/d in Q3, their lowest level in over 70 years, and 11% below the Q2’s average.