Venezuela is ramping up its oil exports amid the pitiless production of the commodity in the country. The exportation is going to touch a four-month high of 325,000 BPD in August, bankrolling the reign of President Nicolas Maduro. Also, the US has not put sanctions on diesel-for-crude swaps thus far that resulted in leveraging the performance.
Meanwhile, the output saw a decline to 101,000 in the previous week ending (August 5). Notably, three years from now, the country was emitting around 2 million barrels daily. But the current ratio of the production may cast some trouble.
However, the oil kept in storage at Caracas can help salvage the pride. The upgraders (oil processing facilities and tanks at the primary port) are clasping approximately 15.6 million barrels of crude oil for the month, that would suffice 48 days of exports.
It is noticeable that the lower supplies in Iran and Venezuela are the result of the sanctions from the US.