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Venezuelan oil exports reach a 9-month high with cargoes returning to US

Shipping data revealed that Venezuelan oil exports surpassed 900,000. barrels per day during August, their highest level since November. This was after energy producer Chevron obtained a license allowing the OPEC nation's crude to be returned to the U.S. after a 4-month pause.

Last month, the U.S. Treasury Department issued a limited authorization to Chevron, a major partner of Venezuelan PDVSA state company, to export oil and operate in Venezuela, despite the sanctions.

According to data from tanker movements, the resumption in Chevron flow to the U.S. and larger cargoes going to Venezuela's main destination, China, resulted in a 27% rise in exports for last month, resulting an average of 966 485 bpd.

According to a PDVSA internal document, stable output and no outages in crude upgraders or blending facilities along the Orinoco Belt (Venezuela's main producing area) also contributed to increased oil exports and inventories.

Last month, exports to China, direct and indirect, after ship-to -ship transfers, made up 85% of total outflows, down from 95% in July. About 60,000 barrels per day of Venezuelan crude oil were shipped to the U.S. while Cuba received around 29,000 barrels per day of crude and fuel. Venezuelan methanol was shipped to Europe in several cargoes.

Venezuela exported 275,000 tons of oil products and petrochemicals to the world in August, a significant increase over the 227,000 tons it shipped the previous month. This is the highest export since May.

Data showed that the country increased imports of light oil and naphtha, which were needed to dilute extra heavy oil production and produce exportable grades. The data indicated that 99,000 bpd was imported in August, compared with 58,000 bpd for July.

(source: Reuters)