Despite tightening U.S. sanctions, Venezuela’s PDVSA has managed to ramp up its oil exports this month, with the daily average hitting 325,000 barrels, which was the highest in four months, Bloomberg reports . The increase comes thanks to diesel-for-crude swaps, Bloomberg notes, which are not covered by U.S. sanctions, at least for the time being. Meanwhile, production has continued to fall, to a bit over 100,000 bpd, compared with some 2 million bpd Venezuela produced three years ago before the government in Caracas fell in the crosshairs of the Trump administration. For now, however, this low production rate does not affect exports because Venezuela has quite a bit of oil in storage, again thanks to the sanctions but also to the coronavirus pandemic that hit oil demand. Interestingly, most of the higher Venezuela oil exports are going to India rather than its biggest buyer and creditor, China. China, according […]