An increase in shipments of more fuel oil, methanol and petroleum coke boosted Venezuela’s oil exports in August 2022, Reuters reported from Houston.

Venezuela’s oil production and exports have decreased following several power and gas outages at the facilities of the National Oil Company of Venezuela (Pedosa), and at the same time, US sanctions have still prevented Venezuela from sending oil to various markets.

According to the data of Refinitive Icon Institute and Pedosa export programs, in August, Venezuela sent a total of 32 shipments from Venezuela’s oil export terminals, including 760,710 barrels of crude oil and petroleum products and about 256,000 tons of by-products to the world markets.

Venezuela’s oil export numbers in August this year indicate an increase of about 37% compared to July and 22% compared to the same period of 2021.

Export shipments of crude oil and fuel from this country, a member of the Organization of Petroleum Exporting Countries (OPEC), reached the second highest level this year in August of this year and exceeded 700,000 barrels per day.

Most of the oil exports have been to China and distribution centers such as Malaysia.

Venezuela’s oil sanctions, along with the reduction of investment, have challenged the country’s oil industry, so that the crude oil production of this South American country in July showed a 38% decrease compared to the same period last year.

High-ranking officials of the United States and Venezuela have been holding political talks since March, which could lead to the reduction of Washington’s sanctions against Venezuela’s oil trade.

Meanwhile, Carlos Jorda, CEO of Citgo Petroleum Company, announced in mid-July this year that Citgo Petroleum Refinery would like to resume importing Venezuelan oil if the American government gives it a license.

The country’s oil imports have been stopped since 2019 due to Washington’s sanctions against Pedosa, and the sanctions against Venezuela have damaged the production and exports of this OPEC member country.