Venezuela's Oil Exports Stagnant in July

Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run company.

Washington has ramped up pressure this year on PDVSA’s customers, trade partners and shippers aiming to stop the re-sale of Venezuelan oil and block efforts to hide or change its country of origin.

That is making it increasingly difficult for many of the company’s clients to find tankers for transporting the oil.

A total of 20 cargoes of crude and refined products were shipped last month from the OPEC-member country, with India emerging again as the main destination, with a third of total exports, according to the data.

India’s Reliance Industries in early July resumed imports of Venezuelan crude after a three-month pause caused by the U.S. sanctions. The company requested permission from the U.S. Treasury Department to swap Venezuelan oil for diesel.

But the recovery of exports to India was not enough to compensate for the loss of other customers of Venezuelan oil in recent months, leaving July exports 1.8% above the previous month but 60% below the average of July 2019.

Venezuela also exported 88,065 bpd to Europe and a 85,260 bpd to Cuba, the data showed.

Fuel imports arriving in the South American nation, whose struggles to satisfy its domestic demand of gasoline have increased again in recent months, fell to 19,000 bpd from 63,600 bpd in June.

(Reporting by Marianna Parraga in Mexico City, additional reporting by Mircely Guanipa in Maracay, Venezuela Editing by Marguerita Choy)