Venezuela's Oil Exports Surge to Record Highs
In September, Venezuela reported its highest monthly oil export figures since February 2020, averaging 1.09 million barrels per day. This increase is attributed to higher crude output, the sale of accumulated stocks, and increased imports of diluents required for exportable crude production.
According to recent shipping data and documents from Venezuela's state-run company PDVSA, the country's oil exports averaged 1.09 million barrels per day (bpd) in September. This marks the highest monthly level since February 2020.
The surge in exports last month was driven by rising crude output, as well as sales of accumulated stocks and an uptick in the import of diluents necessary for producing exportable crude grades.
This increase highlights the complexities and potential of Venezuela's oil industry as it navigates production challenges and market demands.
(With inputs from agencies.)
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