Large number of tankers sailing to Venezuela, sign of resumption of oil exports

According to internal data and documents from the Venezuelan National Oil Company, at least 18 tankers are expected to transport crude for export from Venezuela in the coming weeks.

Reuters said it was an indication of a possible resumption of oil exports this month from the sanctioned “OPEC” member.

And Venezuela’s oil exports fell to their lowest level since the 1940s in October, as some of the national oil company’s last customers stopped doing business with them before the deadline set by the United States.

Washington imposed sanctions on the company and its partners last year to pressure Venezuelan President Nicolas Maduro to resign.

According to PDVSA documents, 9 tankers have loaded around 6 million barrels of Venezuelan crude and fuel since early November for export.

This is equivalent to more than 500,000 barrels per day since the beginning of November, given that Venezuela’s oil exports fell in October to 359,000 barrels per day, their lowest level since the early 1940s.

Reuters reported that the Venezuelan National Company did not respond to requests for comment.

Source: Reuters

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