Venezuelan flag in front of PDVSA installation. US sanctions prevent the company from establishing regular commercial relations with its partners. Photo: AFP.
Venezuelan state oil company PDVSA’s accumulated income in the first eight months of this year reached $10 billion, which is 62% higher than what it earned during the same period in 2021, according to a report by the website specializing in economics, Banca y Negocios.
According to data presented by Petroguía, the average volume of exports for the last two quarters is 617,000 barrels per day, and the Merey crude, a marker used to brand the oil that Venezuela exports the most, closed at $81.61 per barrel in August, which was $33 more than what was quoted in August 2021. The Venezuelan state oil company reported that exports rebounded 37% compared to July and are 22% above the volume they registered in August 2021.
“A total of 32 shipments departed last month from Venezuelan ports with 760,710 barrels per day of crude oil and refined products, and some 256,000 tons of by-products, according to data from Refinitiv Eikon and PDVSA export schedules,” said a report published in Reuters.
Most of those exports were directed to China through Malaysia. Another, smaller, portion was earmarked for Cuba, as aid for that country after a fire ripped through its main oil storage facility last month.
This rebound in PDVSA’s fortunes comes in the midst of the US-imposed sanctions, which are still in force although the United States has slightly eased some measures in some specific aspects, and in the midst of the financial and energy blockade against Russia, which undoubtedly had repercussions on the global energy market, causing an upward push on prices.
Translation: Orinoco Tribune
OT/EF/SC
Misión Verdad
Misión Verdad is a Venezuelan investigative journalism website with a socialist perspective in defense of the Bolivarian Revolution
