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Venezuelan crude exports to Europe fell to a multi-year low in July, following firmer outflows seen in June.
Only two Aframax tankers that left Venezuela in July are currently observed heading for Europe, compared with five such tankers that loaded in June.
Tankers Balla and Waikiki are en route to Sweden’s Gothenburg and Germany’s Hamburg, respectively.
In addition to the above ports, Venezuelan crude also went to UK’s Eastham and Sweden’s Nynashamn ports in June. Bitumen producer and PDVSA subsidiary Nynas operates processing plants connected to all four ports.
Spain’s Repsol also lifted Venezuelan crude in June, taking cargoes to its Bilbao and La Coruna refineries, but with none seen for July nor expected in August so far.
The drop in overall Venezuelan heavy crude supply has also fed through to tighter bitumen supply in some markets, including the US, while also lifting interest in heavy crude from elsewhere.