Venezuela’s Oil Exports Drop 9% as Freight Costs Bite

Venezuela’s oil exports fell nearly 9% in September to 1. 08 million barrels per day as soaring tanker costs forced traders to demand steeper discounts and delayed cargoes leaving the country.

Global trading houses, including Vitol and Trafigura, pressed PDVSA for better terms as freight costs chew into margins, and tanker reroutings added to shipping delays that had already accumulated over the summer. The United States took more Venezuelan crude despite the overall decline.