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Exclusive: Venezuela oil exports stable in March despite sanctions, blackouts


Added 04-02-19 08:04:01pm EST - “The OPEC member stabilized exports in March after shipments fell about 40 percent in February from the prior months, in the immediate aftermath of the United States announcing it would impose sanctions on oil sales to choke off the…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Exclusive: Venezuela oil exports stable in March despite sanctions, blackouts”. Below is an excerpt from the article.

(Reuters) - Venezuela's state-run energy company, PDVSA, kept oil exports near 1 million barrels per day in March despite U.S. sanctions and power outages that crippled its main export terminal, according to PDVSA documents and Refinitiv Eikon data.

The OPEC member stabilized exports in March after shipments fell about 40 percent in February from the prior months, in the immediate aftermath of the United States announcing it would impose sanctions on oil sales to choke off the main source of revenue for socialist President Nicolas Maduro.

The United States and many Western governments have recognized Venezuelan opposition leader Juan Guaido as the country's rightful leader. Guaido in January invoked the constitution to assume an interim presidency on the grounds that Maduro's 2018 re-election was illegitimate.

March's exports of 980,355 barrels per day (bpd) of crude and fuel were only slightly below February's shipments of 990,215 bpd, according to the documents seen by Reuters and the Refinitiv Eikon data.

U.S. restrictions on Venezuelan exports will tighten further in May, when the grace period for winding down purchases expires for importers of Venezuelan oil who use U.S. subsidiaries or the U.S. financial system for transactions.

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