{"id":16340,"date":"2025-12-11T04:29:17","date_gmt":"2025-12-11T04:29:17","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=16340"},"modified":"2025-12-11T04:29:17","modified_gmt":"2025-12-11T04:29:17","slug":"venezuela-doubles-oil-discounts-to-asia-amid-surge-in-sanctioned-supplies","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/16340\/","title":{"rendered":"Venezuela Doubles Oil Discounts to Asia Amid Surge in Sanctioned Supplies"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Asian buyers are squeezing Venezuelan oil suppliers with steeper discounts than ever, caught in a glut of cheap, sanctioned crude from rivals like Russia and Iran, while U.S. military maneuvers in the Caribbean ratchet up the risks of loading cargo from the South American nation\u2019s ports.<\/p>\n

State oil giant PDVSA is slashing prices to sustain export volumes amid slumping global benchmarks, with discounts to Brent crude now roughly double what they were a year ago. The move underscores the mounting pressure on President Nicol\u00e1s Maduro, whose government leans heavily on oil cash to fund subsidies and stave off unrest after a contested 2024 election.<\/p>\n

On Wednesday, President Donald Trump announced U.S. authorities had seized a tanker tied to Venezuelan shipments \u2014 the first such direct intervention in the country\u2019s oil trade, based on shipping data and documents reviewed by Reuters. While the U.S. Navy has long targeted drug smugglers in the Caribbean, the Trump administration has signaled it could soon expand operations to onshore targets.<\/p>\n

Despite the sanctions squeeze, Venezuela has boosted exports this year beyond 2024 levels, thanks to PDVSA\u2019s scramble to prop up revenues. But low prices have hammered the nation\u2019s heavy crudes hardest, exacerbated by quality issues and Washington\u2019s crackdown.<\/p>\n

China, the top destination for Venezuelan barrels, is awash in discounted alternatives, leaving PDVSA with little leverage. \u201cThey don\u2019t have much room to bargain,\u201d said one trader involved in deals with Chinese independents. \u201cShippers are demanding premiums for the extra risk near U.S. warships.\u201d<\/p>\n

Recent offers for flagship Merey heavy crude have hovered at just $14 a barrel under Brent \u2014 and barely tempted buyers. One cargo for early 2026 delivery fetched a $15 discount, up from $5 to $8 last year, according to multiple traders.<\/p>\n

Oil funds the lifeline of Maduro\u2019s regime: social programs and subsidies that blunt economic pain and political blowback from the U.S. This year, China has snapped up 55% to 90% of Venezuela\u2019s exports, versus 40% to 60% in 2024. November shipments hit 746,000 barrels per day (bpd), per tracking data.<\/p>\n

PDVSA declined comment. Oil Minister Delcy Rodr\u00edguez said last week production climbed to 1.17 million bpd in November, up from 1.13 million the prior month.<\/p>\n

Navigating Risky Waters<\/p>\n

Exports ticked up 3% to 921,000 bpd last month \u2014 the year\u2019s third-highest \u2014 fueled by doubled fuel imports to 167,000 bpd. Partner Chevron ramped U.S.-bound crude to 150,000 bpd from October\u2019s 128,000, while supplying diluents for blending extra-heavy grades.<\/p>\n

Naphtha imports, including from Russia, have rebuilt stocks depleted by a fire at an upgrader, ensuring steady blended crude flows, documents show.<\/p>\n

Crude and fuel exports from Venezuela rose 3% in November to 921,000 bpd, bolstered by increased diluent imports to blend exportable grades after an upgrader fire.<\/p>\n

Freight costs are soaring too, as owners tack on \u201cwar clauses\u201d to contracts \u2014 clauses that let them reroute, cancel voyages or hike fees amid conflict risks. Short hauls to the U.S. or Caribbean feel the pinch less, but Asia-bound trips are getting pricier, forcing PDVSA to deepen discounts further.<\/p>\n

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