Washington slapped Venezuelan state oil giant PDVSA with crushing sanctions in early 2019, pressuring customers to stop dealing with the company and seizing some $7 billion in the oil company’s overseas assets. The measures were implemented as part of an ongoing US bid to topple the democratically-elected government of President Nicolas Maduro.

Venezuela’s crude oil exports have fallen to historic new lows in October, averaging 359,000 barrels per day (bpd), the lowest showing since 1943, Reuters has reported, citing Venezuelan oil ministry figures.

Export figures dipped to 381,000 bpd in June and 388,000 bpd in July before jumping to 440,000 bpd in August and 703,000 bpd in September as customers sought to stock up on supplies before new US restrictions set in.

The Trump administration has continued to ratchet up oil sanctions pressure against Caracas, setting an October-November deadline for the expiration of a ‘humanitarian’ oil-for-fuel swap exemption to restrictions for Venezuela’s traditional crude customers, including Italy’s Eni, Spain’s Repsol and India’s Reliance Industries. Companies caught continuing doing business with PDVSA and its subsidiaries have been threatened with severe secondary sanctions.

According to Reuters’ data, all of the above companies were said to have compiled with the US restrictions, refraining from the purchase of Venezuelan crude in October.

Venezuela has recently stepped up measures to try to conceal the source and origin of its crude exports, including via ship-to-ship transfers not listed as originating from PDVSA-owned ports. The company opened a new tanker-to-tanker transfer point off La Borracha Island off the country’s east coast last month. Other tricks have included changing the flags of its supertankers, and using third countries for export operations.

Venezuelan authorities have repeatedly blasted Washington for its sanctions policy, describing it as “criminal.” President Maduro has accused the Trump administration of seeking to overthrow his democratically elected government and replace it with a puppet president to plunder the Latin American nation’s vast oil and mineral resources.

Venezuela has the largest confirmed oil reserves in the world, with over 300 billion barrels of proven reserves. Even before sanctions were introduced, the country’s oil exports gradually declined from a high of nearly 2 million bpd in 2015 to an average of 1.001 million bpd in 2019.

Sourse: sputniknews.com

Venezuela’s Oil Exports Reportedly Tank to Historic Lows as Clients Seek to Dodge US Sanctions

0.00 (0%) 0 votes

LEAVE A REPLY

Please enter your comment!
Please enter your name here