Business

Venezuela keeps oil exports stable despite US sanctions & blackouts – report

Venezuelas state-run oil major, PDVSA, managed to maintain crude exports at around 1 million barrels per day (bpd) in March despite mounting pressure from US sanctions, according to Reuters.

The South American country stabilized shipments after exports fell by about 40 percent in February when Washington slapped Caracas with restrictions targeting its vital energy sector and pledged support for self-proclaimed Venezuelan leader Juan Guaido.

However, March figures show that exports reached 980,355 bpd, which is only slightly below Februarys shipments of 990,215 bpd of fuel and crude, the report said, citing Refinitiv Eikon data.

Also on rt.com US orders foreign firms to further cut oil trade with Venezuela regardless of sanctions – report

Deliveries dropped below 650,000 bpd during the recent wave of blackouts, which led to the closure of Venezuelas largest crude terminal, the agency said, citing TankerTrackers data.

To overcome the difficulties, PDVSA managed to load larger vessels heading to Asia, where Venezuelas new main buyers are. Some 74 percent of total exports – a four percent rise compared to the previous month – were sent to India, China and Singapore in March, while shipments to Europe dropped at least five percent from February. Caracas is reportedly planning to continue exports to its Asian customers in April.

Read more

Over $30 billion of Venezuelas assets stolen on Trumps orders – official

PDVSA also continued exporting oil to Cuba with shipments totaling 65,520 bpd of crude and fuel.

Before sanctions, the US used to be the largest buyer of Venezuelan crude. In January, Washington froze $7 billion in assets belonging to PDVSA and its US sRead More

[contf]
[contfnew]

RT

[contfnewc]
[contfnewc]

Related Articles

Business

Pressed by COVID-19 and low oil prices, Nigeria slips into recession

africanews– Nigeria, Africa’s biggest economy, entered recession for the second time in...

Business

EU Reeling From Yellow Vest Protests. What Happens if There Is a Debt Crisis?

There is a lot of talk about which economic bubble will burst...

Business

EU Reeling From Yellow Vest Protests. What Happens if There Is a Debt Crisis?

There is a lot of talk about which economic bubble will burst...

Business

Till Trump do they part: Top tech firms cut ties with Huawei following US trade blacklisting

Last week, US President Donald Trump signed an executive order aimed at...