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Home›Iran finance›Venezuela doubles crude oil exports in defiance of US sanctions

Venezuela doubles crude oil exports in defiance of US sanctions

By Ninfa ALong
January 3, 2022
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(Bloomberg) – Venezuela’s oil exports doubled in December from a year earlier, as the country increased production of revenue-generating hydrocarbons in defiance of U.S. sanctions.

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Shipments averaged 619,000 barrels per day in December. The founding member of OPEC increased its exports for a third consecutive month with support from its Iranian ally, which boosted the supply of a key ingredient that aids production.

Production hit the crucial one million barrels mark in a single day in December, state-owned oil company Petroleos de Venezuela SA said. Production averaged 625,000 barrels per day throughout November.

Exports are increasing after benchmark Brent oil rose 50% last year, the biggest gain since 2016, as global demand rebounds from the pandemic. The increase also comes at a time when the Organization of the Petroleum Exporting Countries and its allies could increase supplies amid a tighter-than-expected surplus in the first quarter.

Still, it’s unclear whether the surge in shipments is sustainable as China, Venezuela’s biggest oil buyer, continues to crack down on the energy sector. The Asian nation’s private fuel manufacturers are at the center of allegations of tax violations and environmental violations. There are already signs of problems. Supertankers loaded with Venezuelan oil that sailed to Asia end up floating off the coasts of Singapore and Malaysia for months awaiting Chinese buyers.

The United States stepped up sanctions against President Nicolas Maduro’s regime in 2017, cutting off the South American nation’s access to American refiners. Paralyzed by the move and with buyers in India and Spain also avoiding its oil, Venezuela has resorted to unorthodox tactics. He disguised and renamed oil in order to hide its origins and to circumvent sanctions.

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