Venezuela’s oil exports build in December

Oil

Venezuela’s oil exports increased by around 56K b/d (or 10%) m-o-m to 629K b/d in December, recovering after poor oil quality led to loading delays and restricted shipments in November, according to Reuters reporting on data from Refinitiv Eikon and Petróleos de Venezuela (PDVSA). Across 2021 Venezuela’s oil exports averaged around 627K b/d, increasing slightly from the 77-year-low of 624K b/d recorded in 2020.