According to shipping documents and data, Venezuelan oil exports increased slightly in November to 921,000 barrels a day (bpd), the third highest monthly average this year. The country used more diluting agents to produce exportable grades. Venezuela, an OPEC member, is facing increasing political pressures from the U.S. The U.S. has targeted a number of alleged drug smuggling vessels in the Caribbean. It also threatened to expand military operations into land targets within the South American nation. The shutdown of an oil upgrading facility due to a large fire that occurred last month has reduced the capacity of PDVSA, the state-owned company in Venezuela, to produce higher grades.

Documents from the company showed that PDVSA increased its imports of naphtha in order to use it as a diluent to dilute extra heavy oil and produce gasoline for distribution within the country. This helped to prevent a fall in exports for November.

According to data based on tanker movement, Venezuelan crude and fuel exports were 3% more than in October but 5% less than the same period last year.

China was the main recipient of oil exports from Venezuela, receiving about 80% or 746,000 barrels per day.

Venezuela's oil exports, which are carried out by PDVSA partner Chevron in the U.S.A., increased to around 150,000 bpd from 128,000 bpd last October. Cuba, a political ally of Venezuela's, received about 24,000 bpd in crude oil, gasoline and jet-fuel.

Data showed that the nation's oil byproducts, petrochemicals and petrochemical exports increased to around 277,000 metric tonnes from 195,000 tons last October.

Imports of fuel and light crude more than doubled, to 167,000 bpd, from 74,000 in October. Chevron supplied U.S. naphtha under an authorization from the U.S., while PDVSA received imported naphtha, including from Russia.

According to data and documents, the presence of U.S. naval vessels in the Caribbean Sea last month did not disrupt Venezuela's oil exports or imports, while stocks assisted PDVSA offset the less oil processing on the Orinoco Belt.

(source: Reuters)