Venezuela’s oil exports tumble in October

Oil

Venezuela’s oil exports decreased by 334K b/d (or 49%) m-o-m to 359K b/d in October, falling to the lowest level since 1943 after previously reaching a five-month high in September, according to Reuters reporting on data from Refinitiv Eikon and Petróleos de Venezuela (PDVSA). Many of PDVSA’s clients have been forced to pause trade with the state-owned oil company, as sanctions imposed by the US government continue to tighten, with an October/November deadline for PDVSA's long-term customers.