Venezuela Oil Exports Fall 9% to 1.08 Million Bpd as Freight Costs Surge

Venezuela's crude exports fell nearly 9% in September to 1.08 million barrels per day as rising tanker costs prompted traders to demand steeper discounts and delayed cargoes, according to shipping data reported on October 1, 2026. Trading houses including Vitol and Trafigura pressed state-run PDVSA for better terms as freight expenses eroded margins, while tanker reroutings compounded summer shipping delays. US-bound shipments rose to 629,000 bpd from 553,000 bpd in August. India-bound volumes fell to 253,000 bpd from 297,000 bpd, and European purchases plunged to 86,000 bpd from 260,000 bpd. Chevron shipped about 283,000 bpd, roughly flat month-over-month. Trading firms moved 637,000 bpd, up from 597,000 bpd. Venezuela produced about 1.2 million bpd in August, per OPEC-reported figures. Rystad Energy projects output could reach 1.6 million bpd by 2028 and 1.8 million bpd by 2030, but the country had only two active drilling rigs as of August against an estimated need for roughly 50 by 2028.