Venezuela's oil exports in November remained nearly unchanged at 651,000 barrels per day (bpd), despite a temporary easing of U.S. sanctions. The lifting of sanctions allowed spot sales to trading houses, primarily bound for China, and negotiations for cargo sales to India through intermediaries. However, factors such as stagnant crude production, loading delays, and shippers' reluctance to send vessels to Venezuela have reshuffled exports to different customers without a significant increase in total volumes. Chevron's Venezuelan crude exports to the U.S. declined in November, while Venezuela's crude output remained below targets and quotas. Analysts warn that the easing of sanctions may offer limited financial relief unless production and exports increase.

SOURCE:GOOGLE