Venezuela's oil exports climb to four-year high in August
Last month's oil and fuel exports up 62% over a year-ago
Increase comes amid threat of new sanctions, cabinet reshuffle
August shipments average nearly 885,000 bpd
By Marianna Parraga and Mircely Guanipa
HOUSTON/MARACAY, Sept 5 (Reuters) -Venezuela's August oil exports hit their highest in more than four years, according to shipping data, fueled by expanded shipments to China, the U.S. and Europe as the risk of fresh U.S. sanctions grew amid an electoral dispute.
The U.S. Treasury Department last year granted a broad license allowing Venezuela to freely export its oil, easing sanctions imposed by the Trump administration since 2019. The authorization was not renewed in April, but individual energy licenses have been issued since.
State oil company PDVSA and joint ventures with U.S. oil firm Chevron CVX.N and Spain's Repsol REP.MC exported an average of almost 885,000 barrels per day (bpd) of crude and fuel in August, data based on tanker movements showed.
That was 50% above the previous month and 62% more than in the same month of 2023, according to the data.
A dispute over Venezuela's July presidential election has driven the OPEC-member country to another political crisis, with incumbent President Nicolas Maduro and opposition leader Edmundo Gonzalez claiming victory.
Washington has threatened new sanctions if Maduro's government continues on what the U.S. has described as a path to isolation and political persecution.
ENERGY CHIEF SHAKE UP
Maduro in August reshuffled his cabinet, reassigning oil minister Pedro Tellechea, who was also PDVSA's CEO, to industry minister, while appointing Vice President Delcy Rodriguez as oil minister and promoting PDVSA's Vice President Hector Obregon to CEO.
Maduro and Rodriguez also appointed new vice ministers and PDVSA board members this week.
A total of 51 cargoes carrying Venezuelan crude, fuel, oil byproducts and petrochemicals departed from the country's waters last month with Asia again as the main destination, followed by the U.S., Europe and Cuba.
Chevron's crude exports to its U.S. refineries and other customers reached 227,000 bpd, the second highest monthly average this year, while Repsol shipped some 86,000 bpd to the U.S. and Europe, below July's 102,000 bpd, according to the data.
Spain's imports of Venezuelan oil this year have already topped 2023's total, data released this week by an arm of the Spanish Energy and Environment Ministry showed.
Chevron, Repsol and other foreign energy firms have expanded business in Venezuela in recent years under U.S. authorizations. Washington last month said it did not plan to withdraw the licenses, but it has not recently referred to the topic.
Venezuela also exported 589,000 metric tons of oil byproducts and petrochemicals, above July's 266,000 tons. The country's fuel imports rose to some 90,000 bpd from 59,000 bpd in July, the data showed.
Venezuela gov't replaces oil vice ministers, PDVSA board nL1N3KM0U4
Spain's crude oil imports from Venezuela soar nL8N3KF1IO
Venezuela's oil exports rise as possible sanctions loom https://tmsnrt.rs/3AOCwJb
Reporting by Marianna Parraga in Houston and Mircely Guanipa in Maracay, Venezuela; Editing by Jan Harvey
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.