24 Hrs
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Oil Exports Sink on Costs
Venezuelan oil exports fell 25% in October to an average of 809,000 barrels per day, their lowest level since Nicolás Maduro was ousted, as maritime shipping costs rose and refineries underwent seasonal maintenance. Shipping costs on Aframax tankers peaked at $13.85 per barrel before falling to $9.41, while the state-owned oil company refused to cut prices to offset the higher costs. U.S. demand for Venezuelan crude also dropped 27% month over month, and Chinese imports remained halted for a tenth consecutive month, squeezing exports and adding to domestic stockpiles.
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