S. control, according to shipping data. This marks a significant rebound from December's 498,000 bpd, which was hampered by the oil embargo imposed by Washington and the accumulation of over 40 million barrels of crude and fuel in onshore tanks and vessels that could not be exported.
The increase in exports has accelerated due to the extension of licenses to traders Trafigura and Vitol, allowing them to begin exporting the stocks. The data also shows that PDVSA's partners, including Chevron, are still waiting for individual licenses to expand operations. S.
S. companies and PDVSA, exports are expected to continue accelerating in the coming months. However, it will be crucial for traders and PDVSA's partners to accelerate the pace of exports to drain millions of barrels of oil still in inventories so output cuts can be fully reversed.
The United States has regained its position as the main individual destination of Venezuela's crude, with some 284,000 bpd exported there, mostly through Chevron. S. , Europe, and India.