Venezuelan Oil Exports Remain Stable Despite Stagnant Production, High Freight Rates

Venezuela's oil exports were little changed at 1.08 million barrels per day in October as stagnant crude production and high freight rates continued to curb demand for many South American grades, according to shipping data seen by Reuters on Tuesday.

The country's oil output and exports have rebounded this year to near pre-sanctions levels following the US capture of then-President Nicolas Maduro in January and a flagship agreement with global traders overseen by Washington.

However, growth has recently plateaued as Venezuela's oil and gas producers prepare investments to expand production capacity through imports of drilling rigs and equipment and repairs to state-run PDVSA's ageing infrastructure.

A total of 67 vessels departed Venezuelan waters in October carrying crude, fuel, oil products and petrochemicals. Export volumes were down 0.5% from September and the lowest since February, but were 21% higher than a year earlier, the data showed.

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