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Venezuela’s Crude Exports Hit 2-Year High in Feb

OIL

Venezuela’s crude exports in February rose to a two-year high ahead of a potential sanctions return in April, according to Bloomberg.

  • Loadings were 604k b/d, up 4.6% on the month and 50% on the year.
  • Flows to the US were 192k b/d, the highest since Nov. 2022.
  • The increase also follows a spike in imports of heavy naphtha, a diluent used to think Venezuela’s heavy crude grades.
  • Naphtha imports tripled to 108k m b/d in January-Feb.

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