According to the Ministry of Energy and Oil of Venezuela, the country’s daily oil exports in August fell 8.7% year-on-year to 2.33 million barrels, due to the increase in demand for petroleum products in the domestic market.
The Ministry of Energy and Oil of Venezuela learned that although August crude oil exports from the Orinoco heavy oil belt increased by 404,000 barrels per day, an increase of 6.8%, it still could not stop the decline in the overall export volume of Venezuela’s oil. The volume was 2.33 million barrels per day, a year-on-year decrease of 8.7%, of which crude oil exports were 1.53 million barrels per day and petroleum products were exported at 362,000 barrels per day.
The fundamental reason for the decline in the volume of oil exports by the Venezuela was the shortage of domestic electricity supply since last year. The government has vigorously developed thermal power generation, resulting in a substantial increase in the demand for petroleum products in the domestic market, of which diesel demand for electricity generation increased by 32.2% in July. , reaching 72,000 barrels per day, it is expected that the annual export of diesel will be reduced by about 100,000 barrels per day.
At present, the main export markets of Venezuela are the United States and China, of which exports to the United States are about 1 million barrels per day, and exports to China are about 500,000 barrels per day.