Report: New Buyers Spur Near Doubling in Venezuela Oil Exports in November

Most vessels chartered by these new buyers navigated to Venezuela with their transponders disconnected, a technique known as a “dark voyage”. They have switched their signal on again after departing, the Eikon data showed.

RIO DE JANEIRO, BRAZIL - Venezuela’s oil exports almost doubled in November from the previous month, as new customers linked to a Russian trading firm stepped in to boost purchases from state-run PDVSA amid U.S. sanctions, according to data from the firm and Refinitiv Eikon.

In October, PDVSA’s established customers suspended swaps of Venezuelan crude for fuel at Washington’s request, leading to a sharp decline in exports, but in November a growing group of new buyers stepped in to bring Venezuela’s exports back to around the average level for this year, the data showed.

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