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(Reuters) – Venezuela’s oil exports rose slightly to some 921,000 barrels per day (bpd) in November, the third-highest monthly average so far this year, as the country used more diluents to produce exportable grades, according to shipping data and documents. The OPEC producer is under increasing political pressure from the U.S., which has struck a score of alleged drug-smuggling boats in the Caribbean and threatened to extend military operations to land targets in the South American country. A large fire last month at an oil upgrader that forced the shutdown of the facility is curtailing state company PDVSA’s capacity to produce upgraded crude grades.
However, PDVSA has recently increased imports of naphtha to use as a diluent for its extra heavy oil output and to produce gasoline for domestic distribution, which helped the country to avoid an export fall in November, company documents showed.
Venezuela’s exports of crude and fuel last month were 3% higher than in October, but stood 5% below the same period of last year, according to the data, based on tanker movements.
The main destination of the country’s oil was again China, which received about 80% of total exports or some 746,000 bpd.
Venezuela increased oil exports to the U.S., carried out by PDVSA’s partner Chevron, to some 150,000 bpd, from 128,000 bpd in October. Political ally Cuba received some 24,000 bpd of Venezuelan crude, gasoline and jet fuel.
The nation’s exports of oil byproducts and petrochemicals also rose to some 277,000 metric tons from 195,000 tons in October, the data showed.
Imports of light crude and fuel more than doubled to some 167,000 bpd from 74,000 bpd in October, with Chevron supplying U.S. heavy naphtha for its joint ventures under a U.S. authorization, and PDVSA also receiving imported naphtha from providers including Russia.
The presence of U.S. military vessels in the Caribbean Sea did not interrupt Venezuela’s oil imports or exports last month, while stocks helped PDVSA offset less oil processing at the Orinoco Belt, according to the data and documents.
Reporting by Marianna Parraga; Editing by Andrea Ricci
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