Venezuela's oil exports top 1 million barrels per day for the first time in six months, according to Reuters
Venezuela's monthly oil exports surpassed one million barrels per day in March for the first time since September; the increase in volumes was driven by sales to refineries in India and by shipments made by trading houses to the Caribbean for storage purposes, according to tracking data
TL;DR
- Venezuela's oil exports reached 1.09 million barrels per day (bpd) in March, surpassing 1 million bpd for the first time since September.
- Increased sales to Indian refineries and shipments by trading houses to the Caribbean for storage fueled the export growth.
- The export increase is linked to an agreement between Venezuela and the U.S. allowing the supply of Venezuelan crude and fuel.
- Trading firms Vitol and Trafigura, along with Chevron, are managing most of the sales and working to reduce accumulated inventories.
- Chevron's Venezuelan crude exports rose to 267,000 bpd in March.