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Venezuela’s May Crude Oil Exports Fell 14% MoM

OIL

Crude oil exports out of Venezuela declined by 14% on the month in May as crude upgraders from its main oil region producers less exportable grades, while PDVSA struggled to replenish inventories, shipping data and documents showed.

  • PDVSA’s crude and refined products exports averaged 606.3kbpd, Reuters vessel-tracking data showed.
  • Chevron shipped around 149kbpd of crude oil last month, up from 141kbpd in April.
  • Venezuela's stocks of flagship Merey 16 heavy crude fell to 1.2mn barrels at the end of May from 1.89mn barrels the previous month. Inventories of lighter domestic crudes for diluting the Orinoco Belt's extra heavy output declined by 44% to 930,000 barrels in that period, a document seen by Reuters showed.
  • PDVSA said last month it expected to boost the country’s oil production to 1.17mbpd by the end of the year.

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