Venezuela Oil Exports Drop Nearly 9% to 1.08 Million Bpd in September

Venezuela's crude oil exports fell nearly 9% month-over-month in September to 1.08 million barrels per day from 1.19 million bpd in August. Rising maritime freight rates and shipping delays prompted international commodity traders, including Vitol and Trafigura, to seek steeper discounts from state-run PDVSA. The decline occurred despite shipments to the United States rising to 629,000 bpd from 553,000 bpd in August, with Chevron exporting roughly 283,000 bpd. However, flows to other destinations declined sharply, with exports to India falling to 253,000 bpd and shipments to Europe plunging to 86,000 bpd from 260,000 bpd.