Venezuelan Crude, Refined Products Exports Rose 8% MoM in June

Venezuela's crude and refined products exports in June rose by 8% on the month to 715,933bpd, supported by the restart of a key crude processing unit and faster approvals for cargoes according to shipping data and documents from PDVSA.

• A total of 37 cargoes departed Venezuelan ports in June carrying 715,933bpd of crude and refined products, and 294,000 metric tons of oil byproducts, according to the data and documents.
• Bloomberg ship tracking data puts Venezuelan crude oil exports at 574kbpd in June, up by 4.1% on the month.
• Venezuela's oil exports averaged 670kbpd in the first half of the year, almost 15% above the 585kbpd of the same period of 2022, PDVSA data showed.
• Exports declined earlier this year as an extensive audit of oil sales temporarily froze most supply contracts and led to delays authorizing vessel departures.
• The majority of crude oil exports in June was heading to China, directly and through trans-shipment hubs like Malaysia. Chevron's exports fell slightly to around 134kbpd in June, from 150kbpd in May.
• A 150kbpd crude upgrader operated by PDVSA and Russian Roszarubezhneft restarted operations in mid-June following fire in December, a document showed.