Venezuela's oil exports on the rise as more cargoes head to China
Washington in late May terminated a group of licenses that had authorized partners of oil company PDVSA, including Chevron (CVX.N), opens new tab and Repsol (REP.MC), opens new tab, to take Venezuelan crude bound for U.S. and European refineries.
The state firm has ramped up exports to Asia since, selling its crude and fuel through little-known intermediaries that make deals with independent refiners in China. The cargoes include shipments of Boscan heavy crude, which was previously exported by Chevron to the U.S., according to internal PDVSA documents.
A total of 27 tankers departed from Venezuelan waters in June, carrying an average 844,000 bpd of crude and refined products and 233,000 metric tons of byproducts and petrochemicals, the data showed.
Oil exports averaged 779,000 bpd in May. The country also shipped 329,000 metric tons of byproducts and petrochemicals that month.
Exports to China directly and through trans-shipment hubs were about 90% of the June total, compared with 75% in May, according to the data and documents. PDVSA also shipped some 8,000 bpd to its political ally Cuba and some cargoes of methanol and petroleum coke to Europe and India.
The June exports were particularly boosted by an increase in sales of Boscan crude, with three cargoes carrying the heavy grade, which is used for asphalt production, to Asia. Those exports are key for PDVSA to avoid an output cut-back at its Boscan oilfield, one of the country's largest.
PDVSA, which filled up its storage tanks with imported refined products ahead of the license cancellations, did not import any diluents in June, according to the data.
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