Venezuela's oil exports drop as heavy crude processing sags, stocks drain

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Venezuela's oil exports fell 14% in May from the previous month as crude upgraders at its main oil region produced less exportable grades and state-run oil firm PDVSA struggled to replenish inventories, according to shipping data and documents.

PDVSA is under a widespread anti-corruption probe that uncovered billions of dollars in unpaid cargoes and led to a temporary suspension of some contracts. The investigation has led to more that 60 people arrested and aIn May, PDVSA and its joint ventures shipped an average of 606,258 barrels per day of crude and refined products, below the prior two months, but higher than the first two months of the year when the contract suspension halted some exports, data based on vessel tracking showed.

PDVSA also increased its deliveries of crude and fuel to political ally Cuba, to 58,100 bpd in May from 45,250 bpd in April, data and internal company documents showed. The crude oil upgrader at the PDVSA-Chevron Petropiar joint venture ended last month producing some 80,000 bpd of upgraded crude versus 90,000 bpd at the end of April, the document added.

 

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