Venezuela's oil exports fell 9% in September

Venezuela's oil exports fell 9% in September 2026 because of higher sea freight costs, according to the daily El Nacional. The increase in transport rates caused delays and changes to the usual routes of oil tankers.

Higher freight costs put direct pressure on the marketing of crude. When transport becomes more expensive, trading companies demand additional discounts on the price of the barrel to protect their margins, which complicates negotiations for state-run Petróleos de Venezuela (PDVSA) and slows shipments.

According to data published by the portal Bitácora Económica, shipments of Venezuelan crude averaged 1.08 million barrels a day in September. This figure represents a temporary decline from the 1.19 million barrels a day recorded in August 2026.

This logistical situation mainly affected cargoes bound for the European market, where exports suffered a significant reduction. By contrast, the United States consolidated its position as the main destination for the South American country's crude during this period.

Going forward, the question is whether global sea freight rates begin to moderate, or whether the state oil company will have to give in to market pressure and offer larger discounts on its sales.

File, 2020 · Photo: Nefronus · CC0 · Wikimedia Commons