Venezuela’s oil exports fall to four-month low

Oil

Venezuela’s oil exports declined by 213K b/d (or 34%) m-o-m to 416K b/d in January, the lowest level since September, according to Reuters reporting on data from Refinitiv Eikon and Petróleos de Venezuela (PDVSA). Shipments were restricted by crude quality issues as well the poor condition of some storage tanks and port berths which resulted a number of cargoes being returned or rescheduled.