Venezuelan Oil Exports Rebound in March

Venezuelan crude and products exports in March stood at 884.935kbpd, the highest level since early 2020, and up from around 617kbpd in February, ahead of the potential sanction expiry on 18 April, according to shipping data and PDVSA documents, cited by Reuters.

• Cargoes to Asia last month rose to almost 550kbpd, up from 380kbpd in February.
• Chevron shipped around 178kbpd of crude to the US in March, nearly unchanged from February.
• Eni and Repsol exported around 77.3kbpd of crude in March.
• PDVSA exported a cargo of Corocoro crude to its joint venture partner Eni, one of the documents showed, a rare grade that had not been exported since 2019 due to low output.
• Venezuela exported 671.138kbpd of crude and refined products in February.
• PDVSA has said it is prepared for any scenario, including the possible return of full oil sanctions when the current license expires on 18 April.
• Customers and tanker owners have been trying since February to secure Venezuela-origin cargoes in case the license is not renewed, creating a glut of vessels near Venezuela's ports, LSEG shipping data showed. Some ships have left Venezuelan waters without having loaded due to long delays.