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Reuters
02-07-2025
- Business
- Reuters
Venezuela's oil exports on the rise as more cargoes head to China
July 2 (Reuters) - Venezuela exported some 844,000 barrels per day (bpd) of crude and fuel in June, an 8% increase from the previous month as the loss of the U.S. and European markets was offset by more cargoes sent to China, according to shipping data and documents. 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 ( 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.
Bloomberg
27-06-2025
- Business
- Bloomberg
Russian Fuel Flows Decline to Lowest in 8 Months on Baltic Slump
Russia's oil product exports dropped in June to the lowest in eight months amid extended work at refineries supplying Baltic ports, coupled with efforts to stabilize domestic fuel supplies before the upcoming seasonal surge in agricultural and holiday consumption. Seaborne shipments of refined fuels totaled 2 million barrels a day in the first 20 days in June, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That's the lowest monthly tally since October and an 8% decline compared to both the previous month and last year in June. Flows from Baltic ports recorded the sharpest drop of more than 15% from May levels.
Bloomberg
25-06-2025
- Business
- Bloomberg
Enbridge Says New Canadian Oil Pipeline Would Require Legal Changes First
Enbridge Inc. said any new Canadian oil pipeline would require legislative changes, including shortened timelines for approval. The largest oil pipeline company in North America said new projects 'require careful consideration,' but it didn't rule out the possibility it might get involved in a future pipeline to expand oil exports from western Canada.
Argaam
23-06-2025
- Business
- Argaam
Saudi oil exports soar to 6.17M bpd in April: JODI
Saudi Arabia's oil exports climbed by 7% month-on-month (MoM) to nearly 6.17 million barrels per day (bpd) last April, the Joint Organizations Data Initiative's (JODI) data showed. On a year-on-year (YoY) basis, Saudi crude exports increased by 3%. The Kingdom's total output rose 1% MoM in April, reaching 9.01 million bpd. Local crude consumption dipped 11% MoM to about 2.84 million bpd for the same month.
Arab News
23-06-2025
- Business
- Arab News
Saudi crude output inches up to 9m bpd: JODI
RIYADH: Saudi Arabia pumped 9 million barrels per day of crude in April, a 0.54 percent month-on-month increase, according to the latest data from the Joint Organizations Data Initiative. The same dataset showed that crude exports rose to 6.17 million bpd, up 7.16 percent from March. Direct domestic use of crude for power and industry slipped to 377,000 bpd, a decline of 1.6 percent versus the previous month and 6 percent below the April 2024 tally. Demand from local refineries also eased. Crude intake fell 17.22 percent to 1.84 million bpd. JODI, a platform overseen by the International Energy Forum, compiles monthly oil statistics supplied voluntarily by national governments. The Kingdom's figures are published with a roughly two-month lag, providing one of the few publicly available windows into Saudi production, exports, and domestic consumption patterns. 6.17 mb/d: Saudi Arabia's crude exports rose by 412 kb/d.#JODIData #JODIOil #OOTThttps:// — JODI (@JODI_Data) June 23, 2025 For much of the period between 2020 and 2024, the wider OPEC+ alliance had been restraining supplies to shore up prices, beginning with the record 9.7 million-bpd collective cut agreed in April 2020 at the height of the pandemic and tapering only gradually through April 2022. Additional curbs followed, with the group instituting a 2 million bpd reduction in October 2022 and layered on a series of voluntary cuts totaling 1.6 to 2.2 million bpd from May 2023, moves that remained in force into early 2025. In a shift of strategy, OPEC+ members agreed in early May to bring back barrels in stages, scheduling incremental increases for May, June, and July and signaling room for a further 2.2 million bpd to return by November if market conditions allow. A separate market context came from the June Monthly Oil Market Report issued by OPEC on June 16, in which the producer group said the global economy 'has outperformed expectations' in the first half of 2025 and should remain resilient in the second half. JODI #gas update by the numbers: 56 countries updated the database with the most recent April 2025 data. — JODI (@JODI_Data) June 23, 2025 OPEC kept its forecasts for oil demand growth in 2025 and 2026 unchanged but trimmed its projection for non-OPEC+ supply growth in 2026 to 730,000 bpd, 70,000 bpd lower than the previous month, citing plateauing US shale output. Geopolitical risk also featured prominently in late-June trading. Iran's parliament approved a bill to shut the Strait of Hormuz, the 33-km wide passageway that carries close to one-fifth of the world's crude exports. Tanker-tracking data compiled by Reuters shows supertankers making U-turns, idling near the Gulf, or zigzagging to avoid the choke point as companies rush to limit their exposure. In response, freight rates for the largest vessels more than doubled, and Brent crude hit a five-month high. A full closure — still subject to sign-off by Iran's higher supervisory bodies — would force Gulf exporters to divert cargoes around Africa or rely on overland pipelines, moves that analysts say could squeeze near-term supply and push oil prices sharply higher. The Strait routinely handles about 20 percent of globally traded oil, underlining why even the threat of disruption can jolt energy markets.
