Venezuela’s oil exports rise in November despite US sanctions

Oil

Venezuela’s oil exports shot up by 280K b/d (or 77.5%) m-o-m to 640K b/d in November, increasing after sanctions imposed by the US caused exports in October to tumble to the lowest level since 1943, according to Reuters reporting on data from Refinitiv Eikon and Petróleos de Venezuela (PDVSA). Many of PDVSA’s established customers have been forced to pause trade with the state-owned oil company after being given sanction deadlines during October and November. However, a surge of cargoes purchased by new customers has since boosted loadings, with over half of the total exports being received by new buyers linked to a Russian trading firm, according to Reuters.