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Oil Exports Stabilize
Venezuelan oil exports held steady at around 1.08 million barrels per day in October, down 0.5% from September but still 21% above their level a year earlier, amid stagnant production, higher shipping costs and weaker demand. Shipments to the United States fell 29% to about 449,000 barrels per day, while those to Europe rose from 86,000 to 235,000 barrels per day. Shipments to India edged down to 242,000 barrels per day. Rising inventories of naphtha-diluted crude at the Jose terminal pointed to weak demand, with stocks nearing 4 million barrels at the end of the month.
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