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OPEC's oil exports to U.S. fall to five-year low in January, Venezuela to a 28-Year Low

Yonhap News/Newscom/Zuma Press

The Starla is a Iranian VLCC, very large crude carrier, or VLCC, a classification that places is among the world's biggest oil tankers.

Play video: More Bullish on Brent Prices, Al Dhabi Capital Says

- Venezuelan shipments may not ever discharge in American ports p
- Less oil on the water points to tightening market: Kpler

By Michael Jeffers, Lucia kassai / Bloomberg

HOUSTON
Petroleumworld 02 07 2019

Less foreign oil is reaching American shores, as OPEC production cuts kick in and U.S. sanctions on Venezuela curb its exports.

Crude shipments to the U.S. from OPEC and its partners fell to 1.41 million barrels a day in January, the lowest in five years, according to data from cargo-tracking and intelligence company Kpler. Shrinking Iraqi imports and deep output cuts by Saudi Arabia fueled the decline.

At the same time, Venezuela's exports to the U.S. dropped by nearly 30 percent. The kicker: Nearly half of it has yet to discharge into U.S. ports and U.S. sanctions may keep the rest of it on the water. Nearly 7.6 million barrels of Venezuelan crude is floating in the Gulf of Mexico, according to Kpler.

By Michael Jeffers; With assistance by Michelle Kim

Venezuela Oil Exports Slump to a 28-Year Low

Venezuela, once Latin America's largest oil exporter, ended 2018 with a whimper as overseas sales dropped to the lowest in nearly three decades.

Home to the world's biggest crude reserves, the country exported 1.245 million barrels a day last year, the lowest since 1990, as production tumbles amid an economic and humanitarian crisis.

Financial sanctions imposed by the U.S. have further tightened the screws on Venezuela's ailing economy, while creditors have sought seize its assets including oil cargoes and its prized Citgo refineries in the U.S.


Venezuela Crude Exports Slump as U.S. Imposes Sanctions: Chart




Falling exports compound the pain, as oil is the country's main source of revenue and bankrolls the regime of president Nicolas Maduro. The OPEC member's crude production fell by more than half in the past five years to a daily average of 1.346 million barrels this year, according to OPEC secondary source data.

- By Lucia Kassai
/ January 03 2019, 11:19 AM

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Story by Michael Jeffers, Lucia kassai from Bloomberg.


bloomberg.com 02 06 2019

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