Venezuela's Crude Sales To US Falls To 15-Year Low In February
HOUSTON, March 15 (Reuters) - Venezuela's crude exports to the United States declined in February to a 15-year low as oil production continues falling and President Donald Trump's administration weighs new sanctions on the OPEC country, according to Thomson Reuters data.
Financial sanctions imposed by the United States in August on Venezuela and state-run oil firm PDVSA have created obstacles for selling crude cargoes to U.S. refiners, shrinking the number of customers PDVSA has in the U.S.
In February, PDVSA and its joint ventures sent 21 cargoes to the United States - half the number it exported in recent years - with a total of 378,643 barrels per day (bpd) of crude, according to Reuters' Trade Flows data.
The exports were 21 percent lower than in January and 43 percent below the volume shipped in February of 2017.
The largest receiver of Venezuelan crude last month was PDVSA's refining unit in the United States, Citgo Petroleum, followed by refiner Valero Energy Corp and oil firm Chevron Corp.
Refining firms Phillips 66 and PBF Energy Inc , usually large buyers of Venezuelan crude, did not purchase cargoes from PDVSA last month, according to the data.
Venezuela's crude output fell almost 10 percent in February versus the previous month to 1.586 million bpd, its lowest volume since the 1950s, according to official figures reported to OPEC.
In 2017, Venezuela's average oil production declined to a 28-year low, pointing to a deepening economic crisis and increased chances of a debt default.
Lack of investment and financing, mismanagement, sanctions, and a brain drain are among the causes of the steep decline, which has particularly affected shipments to the United States.
Washington is closer to deciding whether to impose sanctions on Venezuelan oil, U.S. former Secretary of State Rex Tillerson said last month at the end of a five-nation tour of Latin America.
(Reporting by Marianna Parraga Editing by Marguerita Choy)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension