Venezuela’s Oil Exports Rose In August Due To Sales To India: Report

The South American country had suffered historical lows in the last few months.

Sohil Nikam

September 2, 2020

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Venezuela’s oil exports saw a short increase this August, after two months of reaching historic lows. According to internal documents from state-run oil firm PDVSA and Refinitiv Eikon data, the exports were boosted by increased sales to India. As per the data, the overall exports of the country’s crude oil and fuel increased to 4,37,600 barrels per day (bpd) in August. That’s approximately more than the 4,00,000 bpd that were exported in the months of June and July, which had seen the lowest levels since the 1940s.

However, this increase in Venezuela’s oil exports could be short-lived if the United States moves to remove exemptions from sanctions that have facilitated the new oil trade. In July, India’s Reliance Industries resumed the buying of Venezuelan crude oil under a swap deal permitted by the U.S. Treasury Department after a three-month pause. This deal had allowed the company to emerge once again as the largest buyer of Venezuelan crude oil according to the data.

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