When a Chart Worth a Thousand Words! Sanctions? What Sanctions?

About 33% of Venezuela's Crude Exports in August went to the US!

Sanctions? What Sanctions?

Venezuelan crude exports have been increasing since the fourth quarter of 2021, thanks to the exemptions granted by the Biden Administration to several foreign companies. Crude exports stood at 700 kbd in August. About 33% of Venezuela's crude exports in August went to the US!

While the data in Figure (1) shows only 9% of total Venezuelan crude exports went to China in August, we suspect that most of the amounts labeled “unknown” went to China.