Venezuela’s oil exports rise in October

Oil

Venezuela’s oil exports increased by around 298K b/d m-o-m to 712K b/d in October, rising after previously falling to the lowest level since October 2020 in September after a diluent shortage hampered output, according to Reuters reporting on data from Refinitiv Eikon and Petróleos de Venezuela (PDVSA). Venezuela has been able to ramp up exports after receiving condensate shipments from Iran, which is used to dilute the extra heavy crude oil sourced from the Orinoco Belt, the country’s largest producing region.