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Venezuelan Oil Exports Fell 2.5% YoY In 2022

OIL

Venezuela’s crude oil exports in 2022 declined by 2.5% year on year because of infrastructure outages, US sanctions and rising competition, according to shipping data and documents seen by Reuters.

  • Petroleos de Venezuela (PDVSA) and its joint ventures exported 616.5kbpd of crude and refined products last year, a 2.5% drop from 2021 and slightly below 2020.
  • The decline in exports was despite an increase in Iranian presence in the country, sending supplies to boost exports and technicians to repair a refinery. But the poor condition of the country's ports, oilfields and refineries and harsh competition from Russia on crude supplies to China will keep limiting export gains, experts said.
  • Exports this year are expected to rise after the US relaxed oil sanctions by authorizing some partners of PDVSA to resume taking Venezuelan crude.
  • Crude production averaged 721kbpd in 2022, up by 13% year on year, but it significantly lagged historic averages and fell short of PDVSA’s 2022 goal of 2mbpd.
Energy BulletsCommodities
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