Venezuela’s oil exports rise in January

Oil

Venezuela’s oil exports increased by 57K b/d (or 12%) m-o-m to 544K b/d in January, rising on a surge of purchases from new customers that accounted for around 414K b/d (or 76%) of the total figure, according to Reuters reporting on data from Refinitiv Eikon and Petróleos de Venezuela (PDVSA). Despite the monthly increase exports remain down by 416K b/d (or 43%) y-o-y, as sanction deadlines imposed by the US have forced many of PDVSA’s long-established customers to pause trade with the state-owned oil company.