Between early September and mid-October 2025, Venezuelan crude inventories posted consistent drawdowns across all monitored grades, driven by rising export activity. The steepest decline came from DCO, which fell by over 1mn bbls, followed by Hamaca Blend and Zuata, down roughly 944,000 and 832,000 bbls respectively. Storage levels for Merey crude also dropped by 780,000 bbls over the same period.
The drawdowns align with a sharp rise in exports. According to Wood Mackenzie tanker monitoring, Venezuela loaded 1.17mn bpd in September, led by 962,000 bpd of Merey crude - nearly all bound for Asian ports. The remaining Merey volumes departed for destinations in the Americas. During the same period, cargoes of Boscan oil at 77,000 bpd and Hamaca crude at 75,000 bpd were exported to the US.
Following the temporary license granted to Chevron to recover outstanding debts from its joint ventures in Venezuela, crude flows have shifted away from conventional destinations such as Chevron’s 356,440 bpd Pascagoula refinery. While Boscan and Hamaca cargoes continue to discharge in PADD 3 at Gulf Coast facilities, flows have also reached the US East Coast and even Long Beach, California
