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Venezuela’s oil exports fall
CARACAS—The Joint Organisations Data Inititiative (JODI), overseen by the Riyadh, Saudi Arabia based International Energy Forum, reports that Venezuela’s crude oil exports fell 12 per cent to 1.38 million barrels a day (bpd) in September. According to Venezuela state oil company Petroleos de Venezuela, SA (PDVSA), Venezuela’s oil exports in September averaged US$103.12, which was $7.63 below Opec’s average price for September exports of US$110.75.
Venezuela joined fellow Opec members Iraq, Kuwait, Nigeria, UAE, Angola, and Qatar in lower output in September. UAE exports fell 2.5 per cent to 2.58 million bpd. Nigeria exports fell 0.3 per cent to 2.14 million bpd. Kuwait exports fell 6 per cent to 2.08 million bpd. Iraq exports fell 20 per cent to 2.07 million bpd. Angola exports fell 8.4 per cent to 1.53 million bpd. Opec members Saudi Arabia, Algeria and Ecuador increased exports.
Saudi Arabia increased crude oil exports 0.6 per cent to 7.84 million bpd. Algeria increased exports 22.5 per cent to 659,000 barrels per day. Ecuador increased exports 12 per centto 435,000 bpd. Opec members Iran and Libya did not submit data for the month.
JODI uses statistics supplied by national governments to compile data on production and imports. The data is for crude and condensates and does not include natural gas liquids.
Opec members will meet in Vienna on December 4 to discuss production levels. Last week, Venezuela auctioned off 300,000 barrels of Bachaquero crude on the open market. It was reported that the shipment was sold at US$20.50 below Brent’s oil price and that two other shipments of heavy Laguna and Bachblend were also sold at a low price to US company Houston Refining.
Houston Refining was formerly known as Lyondell-Citgo Refining and Venezuela’s Citgo owned 41.25 per cent of the company until Venezuela sold it in 2006.