Updated data 2 shows that due to high freight costs, Venezuela’s oil exports decreased in September.

Charts, details and data have been added to the article

Marianna Parraga/Mircely Guanipa

Reuters, October 1 - Shipping data released on Thursday showed that Venezuela's crude exports in September fell by nearly 9% to 1.08 million barrels per day, as traders put pressure on state oil company PDVSA to provide price discounts to offset rising freight costs.

Global traders, including Vitol and Trafigura, began last month to pressure the Venezuelan national oil company (link) to offer steeper discounts on Venezuelan crude, as higher freight rates squeezed their profit margins. This also led to tanker rerouting as well as shipping delays that had accumulated in previous months (link).

Traders and shippers say they expect this situation to continue affecting demand for Venezuelan crude this month.

Since the U.S. military arrested former President Nicolás Maduro in January, Venezuela's oil exports have been under Washington's supervision. Last month, Venezuela's oil exports to the United States (link) increased, reaching 629 thousand barrels per day, compared with 553 thousand barrels per day in August for that destination.

(link) Average daily crude shipments to India dropped from 297 thousand barrels per day in August to 253 thousand barrels per day, while shipments to Europe (link) fell from 260 thousand barrels per day to about 86 thousand barrels per day. Data show that, based on tanker movement records, crude exports to Caribbean storage terminals during the same period increased from 60 thousand barrels per day to 76 thousand barrels per day.

U.S. energy giant Chevron (CVX.N), PDVSA’s largest joint venture partner, kept its Venezuelan crude exports roughly stable in September, at 283 thousand barrels per day; meanwhile, trading companies exported about 637 thousand barrels per day to multiple destinations, up from 597 thousand barrels per day in August.

(link) Data show that in September Venezuela also exported about 204 thousand tons of oil by-products and petrochemical products—more than the 190 thousand tons in the previous month—mainly due to continued strong global demand for products such as methanol and ammonia.

Data show that the South American country’s imports of heavy naphtha and other refined products last month fell from 166 thousand barrels per day in August to 99 thousand barrels per day.

According to internal PDVSA documents, crude inventories at the country’s largest Jose terminal have slightly decreased from the highs earlier this year.

Venezuela told OPEC that in August its crude output was 1.2 million barrels per day, unchanged from July but higher than a year earlier. (link)

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