Venezuela's main crude oil export hub nears a seven-year high in export volume

Golden Ten Data reported on March 5 that, three months after the Trump administration took control of Venezuela's oil sales, crude oil exports from Venezuela's main export hub have soared to their highest levels in years in March. According to a preliminary loading plan, shipments from Jose Port, the country's main oil export port, are expected to surge to 848,000 barrels per day in March. If this figure is achieved, it will be the highest shipment volume from Jose Port since 2019. The export volume is being boosted by ongoing imports of naphtha, which is used to dilute Venezuela's extra-heavy crude oil so it can be transported through pipelines and thus exported. As in February, at least five batches of this base oil product are scheduled to be unloaded in Venezuela this month.