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Oil shipments from Venezuela dropped 40% in the first month after the implementation of US sanctions to topple the Latin American nation’s President Nicholas Maduro. according to a news report.
Since the Trump administration slapped the oil-rich country with sanctions on 28 January. Venezuela’s crude and fuel exports have dropped to 920.000 barrels per day (bpd). Thomson Reuters reported. citing data from state-owned oil company Petroleos de Venezuela (PdVSA) and Refinitiv Eikon.
This came below between 1.47 million bpd and 1.66 million bpd of crude and fuel in the previous three months. the data showed.
The US sanctions barred US customers from paying for Venezuelan barrels. until a new government is formed by the nation’s congress leader Juan Guaido to receive the oil proceeds.
Around 70% of Venezuelan oil since sanctions have been implemented in went to PdVSA’s customers in Asia. with India topping the destination list. followed by Singapore and China.
Europe. whose pre-sanctions oil import volume was marginal. raised its share to 15%. followed by the US with 11% and the Caribbean with 2%. the data found.
PdVSA exported 675.000 bpd of crude and 245.000 bpd of fuel. compared with 1.28 million bpd to 1.46 million bpd of crude and 200.000 of fuel before sanctions went into effect.
Such figures do not take into account the shipments that were loaded but stuck at sea awaiting arrangements to pay accounts being set up by Guaido’s team.
