Venezuela oil exports decline in September due to rising freight costs

Venezuela's oil exports fell by nearly 9% in September, averaging 1.08 million barrels per day (bpd). This decline is attributed to rising maritime freight costs, which led international trading houses such as Vitol and Trafigura to demand higher discounts on Venezuelan crude to maintain margins.

While overall exports dropped, shipment volumes to the United States increased to 629,000 bpd, up from 553,000 bpd in August. Conversely, exports to India fell from 297,000 bpd to 253,000 bpd, and shipments to Europe saw a significant decrease from 260,000 bpd to approximately 86,000 bpd. Exports to Caribbean storage terminals also rose to 76,000 bpd.

Chevron, the primary joint venture partner of the state-run PDVSA, maintained stable crude exports of approximately 283,000 bpd. Additionally, Venezuela exported roughly 204,000 metric tons of petroleum derivatives and petrochemicals, an increase from the 190,000 tons recorded in the previous month.