Venezuelan oil buyers seek discounts as freight costs rise; exports flat at 1.17 mb/d

Venezuelan crude exports held steady at 1.17 million bpd in August, but operators are pressing for price discounts to offset higher transportation costs, likely reflecting tighter tanker availability or longer routes. The unchanged volume suggests stable output, yet the discount pressure signals eroding netbacks for PDVSA and potential strain on fiscal revenues. The outcome of these negotiations will determine whether Venezuela's export competitiveness and revenue stream face further erosion.