Venezuela’s oil exports decline in November

Oil

Venezuela’s oil exports declined by around 139K b/d (or 20%) m-o-m to 573K b/d in November, after poor oil quality led to loading delays and restricted shipments, according to Reuters reporting on data from Refinitiv Eikon and Petróleos de Venezuela (PDVSA). Loading delays have been caused by an excess of water in some exportable crudes, while the continual discharge of imported condensate, which is used to dilute the extra heavy crude oil sourced from the Orinoco Belt, has also strained the infrastructure available to be used for exports.