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Oil exports from Venezuela are the lowest they have been in over 70 years

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  • By Rig Lynx
  • Jan 04, 2021
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Pressured by strict U.S. sanctions, Venezuela’s oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro.


The administration of U.S. President Donald Trump also put curbs on PDVSA’s main trading partners, the owners of tankers still transporting Venezuelan oil and on fuel supply to the gasoline-thirsty nation.


The punishment, aimed to oust Maduro after his 2018 re-election was called a sham by most Western nations, has led PDVSA to pursue new customers, rely on mostly unknown intermediaries to resell its oil and deepen ties with Iran, another country under U.S. sanctions.


Venezuela’s exports of crude and refined products fell 37.5% in 2020 to 626,534 bpd, the lowest in 77 years. The decrease was even larger for fuel imports, which fell 51% compared with 2019, to 83,780 bpd, according to the data.


The drop in the crude oil offer was several times that of the global market, which fell about 9% last year from COVID-19 constraints.


PDVSA did not reply to a request for comment.


Source: Reuters


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