Venezuela has once again emerged as a major rival in crude oil exports to the United States, both in the South American market and globally.
According to the latest update from the US Energy Information Administration (EIA), despite stiff competition, Venezuela ranked as the third largest South American country sending 166,000 barrels of oil per day (bpd) in October 2023 to the North American powerhouse .
There are several South American countries that export crude oil to this power: countries such as Brazil, Colombia, Ecuador and Argentina have been the main suppliers of crude oil to the United States in recent decades. Other more emerging countries, such as Guyana, have been doing so since 2020.
Venezuela, for its part, has historically been a large exporter of crude oil to the United States. But from mid-2019 to the end of 2022 it did not export a single drop of crude oil to this country due to sanctions.
However, the arrival of Joe Biden as president of the United States meant a rebirth for the country with the largest crude oil reserves in the world. The Biden administration has eased many of these sanctions that were preventing these exports.
In this way, Venezuela went from being behind in January ’23 (exporting about 40,000 barrels per day to the United States) to consolidating its position by exporting about 166,000 barrels per day in October ’23 on North American soil, supplanting as well as countries such as Argentina, Ecuador and Guyana. and only behind Brazil (192,000) and Colombia (182,000), according to EIA data.
From a global point of view, Venezuela has also played its role. The United States has taken necessary precautions as the Middle East is currently in chaos due to the war between Hamas and Israel and has reduced exports from the tense Red Sea region.
US imports of Persian Gulf crude oil fell sharply to 539,000 bpd in Oct 23, from 722,000 and 734,000 bpd of imports in August and September 2023, respectively.
This once again opens a window of opportunity for Venezuela, which in October ranked globally as the seventh-largest country in crude oil exports to the United States, ahead of Libya, Guyana and Ecuador.
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2024-01-01 23:05:54
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