Venezuela's oil exports surpass 1 million bpd for first time since 2020, data shows

By Marianna Parraga

Oct 1 (Reuters) - Venezuela's oil exports averaged 1.09 million barrels per day (bpd) in September, the highest monthly level since February 2020, according to shipping data and documents from state-run energy company PDVSA.

The country has struggled to stabilize oil production and exports since coming under U.S. sanctions in 2019, but rising crude output, sales of accumulated stocks and more imports of diluents used for producing exportable crude grades boosted oil shipments last month, the data and documents showed.

The September average stood 13% above the previous month and was up 39% from a year ago.

About 84% of total exports last month went directly and indirectly to China, which remained the first destination for Venezuelan crude, shipped by little-known intermediaries that have been trading the country's oil since sanctions were imposed.

An authorization granted in late July by U.S. President Donald Trump's administration to Chevron CVX.N also has allowed increased exports in recent months, with 108,000 bpd of Venezuelan crude sent by the U.S. oil producer to the U.S. in September, above the 60,000 bpd of August, the data showed.

In the second quarter, when the Trump administration temporarily suspended all licenses for foreign energy producers to operate in Venezuela, oil exports fell, forcing an accumulation of crude inventories at the country's main output region, the Orinoco Belt. Not all licenses have been reinstated.

PDVSA has been draining those stocks since August, while securing imports of heavy naphtha and light crude, which are essential to dilute the OPEC country's extra heavy oil output, from allies including Russia and China.

Total imports of diluents declined to some 41,000 bpd in September from 99,000 bpd the previous month.

However, Venezuela has slightly boosted purchases of heavy naphtha and light crude this year, especially from Russia, increasing the accumulated average through September to about 92,000 bpd from 88,000 bpd in the year-ago period.

Venezuela also exported 52,000 bpd of crude and fuel to political ally Cuba last month, and 74,000 metric tons of methanol and oil byproducts to Europe.

Venezuela reported to OPEC a crude output of 1.1 million bpd in August, above the 1.08 million bpd of the previous month and the highest since February 2019.