On election eve, Trump runs out of oil from Venezuela Rising shipping costs combined with seasonal refinery maintenance have put pressure on Venezuela's oil exports, with shipments near the lowest levels since Maduro's coup. Tankers loaded 809,000 barrels of crude oil per day in October, down 25% from the previous month, according to U.S. Shipping and Customs. Venezuelan crude sales due in October also struggled as the country's state oil company refused to cut prices to offset rising shipping costs and keep its oil competitive with other producers, including Canada. Additionally, fall refinery maintenance work in the US, Europe and Asia reduced demand. Demand in the US fell by 27% compared to the previous month. China has not purchased oil from Venezuela for 10 consecutive months. In October, the cost of transporting Venezuelan oil on Apermax tankers to major buyers in Texas, Louisiana and Mississippi hit a multi-year high of $13.85 a barrel, according to Argos Media.

On election eve, Trump runs out of oil from Venezuela Rising shipping costs combined with seasonal refinery maintenance have put pressure on Venezuela's oil exports, with shipments near the lowest levels since Maduro's coup. Tankers loaded 809,000 barrels of crude oil per day in October, down 25% from the previous month, according to U.S. Shipping and Customs. Venezuelan crude sales due in October also struggled as the country's state oil company refused to cut prices to offset rising shipping costs and keep its oil competitive with other producers, including Canada. Additionally, fall refinery maintenance work in the US, Europe and Asia reduced demand. Demand in the US fell by 27% compared to the previous month. China has not purchased oil from Venezuela for 10 consecutive months. In October, the cost of transporting Venezuelan oil on Apermax tankers to major buyers in Texas, Louisiana and Mississippi hit a multi-year high of $13.85 a barrel, according to Argos Media.