Venezuela’s oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation’s second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions.
Overall exports of crude and refined products by state-run oil company Petroleos de Venezuela (PDVSA) and its joint ventures declined last month to some 770,000 barrels per day (bpd) from 992,565 bpd in July and 1.13 million bpd in June, according to revised data.
Last month, China’s state-run CNPC canceled loadings of Venezuelan crude it had scheduled for August, after Washington issued an executive order that froze Venezuelan government property on U.S. soil and warned foreign companies they also could face sanctions for doing business with PDVSA.
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WNU Editor: I am surprised that even with sanctions and an oil infrastructure that is in disrepair, they can still export some oil. My gut is telling me that like the Iranians, the Venezuelans are selling this oil at a huge discount.