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US sanctions continue to suppress Venezuela’s oil exports


Venezuela’s oil exports edged up by 7K b/d m-o-m to 388K b/d in July, rising slightly from the 77-year low level in June, according to Reuters reporting on data from Refinitiv Eikon and Petróleos de Venezuela (PDVSA). This is a decline of 605K b/d (or 60%) y-o-y, as sanctions enforced by the US government continue to obstruct state-run PDVSA’s exports to potential buyers.