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Venezuela Oil Exports Surge Past 1 Million Bpd
2 Apr
Summary
- Venezuela's March oil exports exceeded 1 million barrels per day.
- This marks the highest export volume since September.
- Sales to India and Caribbean storage drove the increase.
Venezuela's oil exports in March surpassed 1 million barrels per day for the first time since September. A total of 60 vessels departed the nation carrying 1.09 million barrels per day of crude and fuel, alongside 360,000 metric tons of petrochemicals and byproducts.
This export volume represents a substantial rise from February's average of 737,000 barrels per day. The increase is attributed to higher crude output and efforts by trading firms like Vitol and Trafigura to reduce accumulated inventories.
Major players such as Vitol and Trafigura handled approximately 635,000 barrels per day in sales, while Chevron's exports grew to 267,000 barrels per day. The arrival of larger tankers facilitated faster loading activities at the Jose oil terminal, primarily for crude bound for India.
