On March 6th, three months after the Trump administration took over Venezuela's oil sales, Venezuela's crude oil exports surged in March. The main export port of Qiaosei Port is expected to ship 848,000 barrels per day, setting a new high since 2019. The export growth is supported by the import of naphtha, which is used to dilute overweight crude oil for export. At least five ships of naphtha are planned to arrive at the port in March.

The article shows that Venezuela's crude oil exports have surged to 848,000 barrels per day, reaching a new high since 2019, mainly driven by the Trump administration's policies after taking over oil sales. This has increased global crude oil supply, especially in the current market with sufficient supply, which may lead to downward pressure on spot prices. The export growth is supported by the dilution of naphtha, which strengthens the expectation of supply recovery and poses a general negative impact on crude oil prices.

The article points out that the import of naphtha supports the growth of Venezuela's crude oil exports, and at least five ships are planned to arrive at the port in March to dilute overweight crude oil. This reflects a significant increase in demand for naphtha, especially in the field of crude oil processing. The expected increase in demand will push up spot prices, bringing strong benefits to the naphtha market and potentially stimulating short-term purchasing activities.

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