Venezuela's state-run energy company, PDVSA, kept oil exports near 1 millio...
- Venezuela’s state-run energy company, PDVSA, kept oil exports near 1 million barrels per day in March despite U.S. sanctions and power outages that crippled its main export terminal, according to PDVSA documents and Refinitiv Eikon data.
March’s exports of 980,355 barrels per day of crude and fuel were only slightly below February’s shipments of 990,215 bpd, according to the documents seen by Reuters and the Refinitiv Eikon data. Most oil shipments in February and March were destined for Asia. Until the sanctions, the United States was Venezuela’s largest crude buyer.
Guaido last month said shipments to Cuba should be halted. But PDVSA, controlled by a military leadership loyal to Maduro, has continued exports to the island.Venezuela’s oil production once surpassed 3 million bpd, but years of what critics say is mismanagement and corruption have caused that output to dwindle. The reduction in oil revenue has led the once-prosperous nation into recession and created conditions for hyperinflation.
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