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The exchange rate in Venezuela rose early in the session on Tuesday amid rising crude oil inventories and a simultaneous decline in exports of the product.

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At the opening of the trading day, the exchange rate It was trading at 484,924.03 sovereign bolivars in Venezuela’s informal market, a 2.03% increase from Monday’s price of 475,043.71, according to the portal. DolarToday.

Stocks of crude oil in Venezuela’s main oil export terminal have reached their highest levels since August, when customers turned away from state-owned oil company PDVSA over US sanctions, according to a document seen by Reuters on Monday.

Storage levels at Terminal Jose hit 11.8 million barrels as of Saturday, more than double the level of around 5.6 million barrels a month ago, so there was only 3 million barrels of space. available storage space.

This could force PDVSA to reduce crude oil production as it did earlier this year.

The jump in inventories comes before the deadline set by the United States for the few oil companies that still trade with PDVSA – including Spain’s Repsol SA, Italy’s Eni SpA and Thailand’s Tipco Asphalt. PCL: close those deals.

Only one oil tanker, the Antares Shine, is scheduled to be loaded to Jose, the document showed.

It is expected to load 1 million barrels of Merey 16 crude oil, Venezuela’s flagship, for Tipco between October 23 and 25, but Refinitiv Eikon’s ship tracking data shows it hasn’t finished doing so.

With information from Reuters

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