Venezuela’s oil exports have seen a slight recovery in August after two months at loss, boosted by increased sales to India.
But the increase registered in both exports and imports could be short-lived if Washington moves in the coming weeks to remove exemptions to sanctions that have facilitated Venezuela-related oil trade. The authorization allowed Reliance to re-emerge as the largest buyer of Venezuelan crude by taking 216,000 barrels per day (bpd) last month, almost half of total exports.
The second-largest destination for Venezuela’s oil in August was Cuba with almost 66,000 bpd of crude and refined products, followed by Europe with 65,000 bpd. The South American nation, which boasts some of the largest crude reserves on the planet, shipped a total of 17 cargoes last month.
Overall exports of crude and fuel rose to 437,600 bpd in August, more than the roughly 400,000 bpd in June and July, which were the lowest levels since the 1940s for the nation.