The easing of U.S. sanctions has resulted in nearly a quarter of Venezuelan crude heading to U.S. refineries in the first four months of 2023.
By | Primer Informe
Nearly 25% of Venezuelan crude exports are now directed to the United States, according to a new report from broker Braemar.
The easing of U.S. sanctions has led to almost one-fourth of Venezuelan crude being sent to American refineries in the initial months of 2023. This marks a significant shift in the trade patterns of oil tankers in the Western Hemisphere.
PDVSA, Venezuela’s state oil and gas company, aims to achieve a production target of 1 million barrels per day this year, compared to an average of 716,000 barrels per day in 2022.
Venezuela’s fleet of oil tankers is unfit for trade, as internal documents reviewed by Reuters earlier this month reveal.
More than half of the 22 tankers owned by state-run PDVSA either need urgent repairs or are not fit for commerce, according to an internal report from the company.
The Venezuelan oil fleet has long been burdened by sanctions, leading to the deterioration of many vessels.
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Source: Nearly a quarter of Venezuelan crude exports are reaching the U.S.