Venezuela's Oil Exports Increase by 15% in January
Venezuela's oil exports witnessed a 15% surge to 867,000 barrels per day (bpd) in January, fueled by increased shipments from Chevron Corp. and heightened exports to China.
Chevron's exports from its joint ventures with PDVSA jumped to 294,000 bpd in January, reaching the highest level since the company resumed shipments under its license earlier this year. All Chevron shipments were directed to the US for processing and distribution.
China emerged as the predominant market for Venezuelan oil, absorbing 442,000 bpd, a 21% increase from December. Additionally, exports to Europe doubled to 63,000 bpd, while shipments to India held steady at 60,100 bpd.
Exports to Cuba declined to less than 10,000 bpd in January, down from 29,000 bpd in December. Meanwhile, Venezuela exported 360,000 metric tons of oil byproducts and petrochemicals, surpassing the 209,000 tons exported in the previous month.
PDVSA and its joint ventures imported 111,000 bpd of heavy naphtha and other fuels in January, which was slightly lower than the 130,000 bpd imported in December.
The increase in exports was partly attributed to stable operations in the Orinoco Belt, Venezuela's primary oil-producing region. However, a reduction in heavy crude inventories raised concerns about potential declines in exports for February.