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Reuters

Venezuela’s oil exports fall 8% in April amid quality-linked delays -data

Venezuela’s oil exports fell 8% in April from the previous month amid continued delays linked to poor-quality crude grades and insufficient oil upgrading capacity available, according to documents and vessel monitoring data on Thursday. U.S.-sanctioned Venezuela recovered a portion of lost production last year, but crude shipments have been volatile, bouncing some 200,000 barrels per day (bpd) in the space of a few months as its ability to turn its extra-heavy oil into exportable grades has waxed and waned. State-run oil firm PDVSA and its joint ventures exported an average of 644,870 bpd of crude and refined products last month, with over 70% of shipments sent to China directly or through trans-shipment hubs like Malaysia, according to PDVSA’s internal loading schedules and Refinitiv Eikon tanker tracking data.

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