Oil exports from Venezuela to Cuba will rise in October

Caracas exported 66,000 barrels (PPD) a day Petroleum Raw and refined products Cuba, An increase compared to 58,000 in September and 40,000 in August.

These figures are higher than agreed in the bilateral agreement between Cuba and the governments. Venezuela In order to supply crude oil to the islandThe so-called Comprehensive Cooperation Agreement between Caracas and Havana, signed by Fidel Castro and Hugo Chavez in 2000.

Nicolas Maduro’s ongoing political agreement establishes up to 53,000 bpd as compensation for the export of thousands of professionals to Venezuela, particularly from “medical work”.The deal, which many experts describe as a “hidden subsidy” from the island’s devastating economy.

According to the Reuters agency, Those exports came a month after Venezuela’s oil exports soared to more than 700,000 bpd. This is because, according to state-owned company documents, the production of imported dilute products increased PDVSA And monitoring data from the Refinitiv Eikon operating system.

The country’s largest oil-producing region has recovered its production and blending capacity in recent weeks After Iran, one of Caracas’ most important allies, began to supply capacitors to dilute the extra heavy oil from the Orinoco belt.

According to Reuters, Iranian goods reduce the impact of US sanctions on the country’s production.

In October, PDVSA and its joint ventures exported 30 crude oil and refined products, mainly to Asia.2,000,000 barrels of Merey heavy crude oil received, including payments to Iran.

The second shipment of Iranian capacitors from the Swap agreement is expected to be unloaded in November from PDVSA’s Torrena tanker in the port of Jos de Venezuela.

Venezuela’s exports averaged 711,193 bpd in October, the third-highest average so far this year. And a 76% increase from September, a severe shortage of water guns forced PDVSA to reduce production and composition.

According to documents and data consulted by Reuters, large exports of residual fuel oil, methanol and petcoke contributed to the increase in exports last month.

Venezuela’s oil exports, Which is under US sanctions with Iran, is designed to restrict sales, Stabilized at 633,000 bpd in 2021, A slight increase from 626,000 bpd in 2020, but still lower than previous years’ figures that were not listed by the US Treasury Department.