Venezuela’s Oil Exports Drop 17% In May As Sanctions Kick In: Data | 2/22/2019 | Staff
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(Reuters) – Venezuelan PDVSA’s oil exports took another hit in May, following a deadline for customers to wind-down purchases in order to comply with U.S. sanctions, according to documents from the state-run company and Refinitiv Eikon data.

The energy firm’s exports of crude and refined products fell 17% in May from the previous month to 874,500 barrels per day (bpd), mainly due to difficulty in selling off barrels of upgraded crude that used to be bought by U.S. refiners.

Venezuela - Oil - Inventories - January - Washington

Venezuela has drained oil inventories since late January, when Washington imposed sanctions on PDVSA, to offset declining crude output, according to analysts. That allowed the firm to maintain exports around 1 million bpd for the following three months despite the measures.

But some customers ended purchases of Venezuelan oil in late April to comply with sanctions, leaving PDVSA with an accumulation of upgraded oil and further reducing its portfolio of regular buyers, according to the reports and data.

PDVSA - Requests - Comment

PDVSA did not respond to requests for comment.

In May, PDVSA shipped a total of 33 cargoes of crude and fuel, mainly to Asian destinations. Exports to India fell over a third to 187,000 bpd while shipments to China remained around 450,000 bpd. Russia’s Rosneft, which takes PDVSA’s barrels as repayment of billions of dollars in loans to Venezuela, was the largest recipient of the OPEC member’s oil.

Europe - % - Total - April - Spain

Europe took 8% of the total, almost the same as in April, as Spain’s Repsol resumed a swap allowing it to take crude from PDVSA as a late dividend payment while sending fuel in exchange to Venezuela, according to the data.

Venezuela oil exports to Cuba grew in May to 91,000 bpd from 49,000 bpd the previous...
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