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Venezuelan Exports Fall in April: Reuters

OIL

Venezuela’s exports were down 38% in April after some tanker owners and customers pulled several vessels waiting to load amid the reimposition of sanctions.

  • Exports in April averaged 545k b/d, down from 835k b/d in March and down from 703k b/d in April 2023.
  • Bloomberg’s estimate was slightly higher for April at 563k b/d.
  • While sanctions were reimposed April 18, companies have until May 31 to wind down operations and Chevron will still be allowed to produce and export crude from Venezuela.
  • Around six super tankers have left Venezuela unladen in recent weeks after waiting for months to load crude. Many feared the wind down period would leave insufficient time for loading and completing transactions, Reuters said.
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