Resumption of deliveries to Europe boosts Venezuela oil exports -data | Brave Business

Resumption of deliveries to Europe boosts Venezuela oil exports -data

Reuters, July 5 - Following a string of setbacks earlier in the year, the state-run PDVSA's ship monitoring data and paperwork showed that the first Venezuelan crude cargoes sent to Europe in two years helped raise the OPEC nation's oil exports by 61 percent last month.

Following approval from the U.S. State Department, Spain's Repsol (REP.MC) and Italy's Eni (ENI.MI) began importing Venezuelan oil. In addition to helping Europe make up for the loss of Russian oil as a result of its invasion of Ukraine, the U.S. decision also signals an improvement in ties between Caracas and Washington.

As U.S. officials visited Caracas to discuss the release of imprisoned Americans, analysts saw the oil-for-debt trades as a hint that Washington's sanctions against the South American nation were loosening. The visit didn't succeed in getting them released.

Source

According to the documents and Refinitiv statistics, PDVSA and its joint ventures delivered an average of 630,500 barrels per day (bpd) of oil and fuel in June, a 61 percent rise from the previous month and comparable to the same month last year.

Venezuela's exports in May fell precipitously as a result of PDVSA measures that demanded shipment prepayments. Following certain buyers' payment defaults, modifications were made.

Asia received over two-thirds of all shipments last month. According to the data, Cuba received about 66,400 bpd of crude, fuel oil, gasoil, and gasoline from its friend despite struggling to meet domestic demand due to prohibitively expensive fuel costs.

Nevertheless, one of the records seen by Reuters indicates that PDVSA was still having trouble controlling its heavy and diluted crude inventories, which were almost at capacity and resulted in six unscheduled interruptions at one of its blending facilities last month.

Allowing additional supplies from Iran and Venezuela to flow to markets, according to OPEC Secretary General Mohammad Barkindo, might alleviate a worldwide supply crisis.

The French government issued a similar plea last week, saying that the international community should look into all possibilities to ease a Russian grip on energy supplies.

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