Venezuelan Oil Exports Surge to Highest Level Since November

Venezuela witnessed a significant rise in its oil exports during August, hitting more than 900,000 barrels per day, according to shipping data. This surge, the highest since November, follows Chevron receiving a license to recommence its activities, reigniting the flow of the OPEC nation's crude into the U.S. market after a lengthy hiatus.

The U.S. Treasury Department recently granted Chevron restricted authorization to work in sanctioned Venezuela, leading to a stark increase in exports. In August, exports spiked by 27% to an average of 966,485 bpd, fueled by Chevron shipments resuming to the U.S. and increased volumes heading to China, which remains Venezuela's primary market.

Moreover, stable production without disruptions in Venezuela's Orinoco Belt facilities contributed to the boosted exports. China's share of Venezuelan oil exports decreased slightly from July but still dominated at 85%. Meanwhile, Venezuela increased its imports of light oil to enhance its exportable crude production, further lifting total output.

(With inputs from agencies.)