Venezuela's oil exports last year declined due to infrastructure outages, U.S. sanctions and rising competition in its key Asia market despite assistance from ally Iran, according to shipping data and documents.
Exports this year are expected to get a lift after the United States relaxed oil sanctions by authorizing some partners of state-run firm Petroleos de Venezuela to resume taking Venezuelan crude.
PDVSA and its joint ventures exported some 616,540 barrels per day of crude and refined products last year, a 2.5% drop from 2021 and slightly below 2020, according to a Reuters tally of data and documents. "Despite the increased Iranian help, the decline in net exports results from a combination of production stagnation and the increasing competition of Russian exports in the Chinese black market," said Francisco Monaldi, a Latin American energy expert at Rice University's Baker Institute.The OPEC-member country boosted its exports of petroleum coke, methanol and other oil byproducts, which helped offset some of the revenue loss.
The new gasoline crisis is emerging even though Venezuela tripled oil imports to 78,170 bpd, mainly from deliveries of crude and condensate from Iran, which helped produce exportable crude grades and motor fuels.
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