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Venezuelan Crude Output Down in October

OIL

Venezuela’s crude exports fell to an eight-month low in October as loadings were hit by outages at projects, according to Bloomberg.

  • Loadings averaged 458k b/d in October, a fall of 20% on the month and down 12% on October 2022.
  • Outages at facilities which convert the heavy oil into lighter grades was attributed as the source of the fall, Bloomberg said.
  • Chevron’s loadings from Venezuela were also down 6.8% on the month at 150k b/d.
  • October was the first month when the US temporarily loosened sanctions on the South American nation, allowing PDVSA to buy and sell oil.
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Venezuela’s crude exports fell to an eight-month low in October as loadings were hit by outages at projects, according to Bloomberg.

  • Loadings averaged 458k b/d in October, a fall of 20% on the month and down 12% on October 2022.
  • Outages at facilities which convert the heavy oil into lighter grades was attributed as the source of the fall, Bloomberg said.
  • Chevron’s loadings from Venezuela were also down 6.8% on the month at 150k b/d.
  • October was the first month when the US temporarily loosened sanctions on the South American nation, allowing PDVSA to buy and sell oil.