Venezuela’s Oil Exports Drop 9% as Freight Costs Bite
Soaring tanker costs pushed traders to seek steeper discounts and delayed cargoes, while exports slipped to 1.08 million barrels per day.
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Ship records placed monthly dispatches below August, when they reached 1.19 million units per day, after delays in cargoes and changes in tanker routes
Venezuela's oil exports down in September amid high freight rates, data show
Venezuela's oil exports declined almost 9% to 1.08 million barrels per day in September from the previous month as traders pressed state-run PDVSA for price discounts to offset rising freight costs, shipping data showed on Thursday.
Venezuela's oil exports fell about 9 percent to 1.08 million barrels per day in September, following a sharp rise in tanker costs that forced traders to seek further discounts and delayed shipments from the country.
Venezuela's oil exports fell to 1.08 million barrels per day (bpd) in September, compared to 1.19 million bpd the previous month, amid the pressure of the marketers on the state-run Pdvsa to grant price discounts that offset the highest freight rates, according to Thursday's shipping data.
The rise, which has caused delays and changes in tanker routes, particularly hit the European market, where shipments plummeted, while the United States consolidated its position as the main destination with an increase in its purchases.
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