Venezuela’s crude sales to the U.S. fell below 600,000 bpd in 2017

12 Jan 2018   Venezuela

Venezuela’s crude oil sales to the United States fell for the second month in a row in December, knocking the year’s average to 593,047 barrels per day (bpd), the lowest annual level since 1991, according to Thomson Reuters trade flows data. A severe production drop in the South American country has hurt its oil exports and domestic refining, and worsened an economic recession now entering into its fifth year. Venezuela’s state-run oil company PDVSA is mired in a widespread corruption investigation that has stalled decision making. Financial sanctions on Venezuela imposed last year by U.S. President Donald Trump’s administration have particularly affected PDVSA’s oil flows to and from the United States as the company and some of its customers struggle to get commercial credit for transactions. The International Energy Agency, which coordinates the energy policies of industrial nations, and several analysis firms expect Venezuela’s crude output […]

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