Venezuelan Oil Exports to Cuba Rise Despite a 19% Drop in Production

Oil production levels are recovering after the falls of the last year. (EFE)

14ymedio bigger14ymedio, Havana, 7 May 2021 —  Oil production in Venezuela fell 19% in April compared to the same month of the previous year, which did not prevent exports from remaining stable at around 700,000 barrels per day (bpd).

In fact, in the case of Cuba, the quantities exported increased slightly, with about 55,000 barrels per day, compared to 51,290 in March. Shipments to the island seem to be recovering last year’s volume, when about 56,000 bpd were sent, which at the time marked historical lows.

However, earlier this year the numbers plummeted and Venezuela only sent its Island partner 29,000 bpd.

These data confirm that exports are recovering their usual volume. According to Reuters, the collapse of the previous year was mostly motivated by US measures to stop oil swaps which allowed the exchange of Venezuelan crude for imported fuel.

Asia and the Middle East once again take the majority of PDVSA’s (Venezuela Petroleum) exports, with three fourths of the total. Up to 25 shipments transported 688,533 bpd of crude oil and fuel to China, Malaysia and the United Arab Emirates. A single consignment of 110,000 bpd was sent to Europe, compared to two or three in the previous months.

The British agency adds that PDVSA is preparing to restart two of its four upgraders, capable of converting more than 600,000 bpd of extra-heavy crude from the Orinoco Belt into exportable varieties.

This would make it possible to increase production in the country’s main producing region, and supply more quantities of the light product to national refineries to obtain motor fuel, which has been in short supply due to the lack of this light oil.

Imports, on the other hand, have also remained stable, at 30,000 bpd.


COLLABORATE WITH OUR WORK: The 14ymedio team is committed to practicing serious journalism that reflects Cuba’s reality in all its depth. Thank you for joining us on this long journey. We invite you to continue supporting us by becoming a member of 14ymedio now. Together we can continue transforming journalism in Cuba.