Venezuela's Crude Exports Double in February Under US Oversight, Bloomberg Reports
Venezuela drastically increased its oil exports in February, sending approximately double the barrels abroad compared to the previous month, when the Trump administration first controlled the country's crude sales. By Bloomberg, daily exports in February, measured by ship loadings, reached a five-month high of 788,000 barrels, according to shipping reports and data from maritime intelligence firm Kpler Ltd. In January, the figure was approximately 383,000.
TL;DR
- Venezuela's daily oil exports in February reached 788,000 barrels, double the approximately 383,000 barrels exported in January.
- The increase in exports is linked to improved access to diluents, essential for reducing crude viscosity and facilitating pipeline delivery.
- US companies, including Chevron Corp., and commodity traders Vitol Group and Trafigura Group, are involved in selling Venezuelan oil under US authorization.
- Approximately 70% of the oil released by Venezuela since January has been shipped by Trafigura and Vitol.
- Much of the exported oil is being stored in tanks and on ships in the Caribbean and US, as China has not purchased Venezuelan crude since Maduro's capture.