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Venezuela Doubles Crude Oil Exports Defying U.S. Sanctions

  • Sales may not be sustainable as China cracks down on refiners
  • Key ingredient supplied by ally Iran abets oil production

Oil exports from Venezuela doubled in December from a year earlier as the country raises production of revenue-generating hydrocarbons in defiance of U.S. sanctions. 

Shipments averaged 619,000 barrels a day in December. The OPEC-founding member increased exports for a third straight month with the support of ally Iran, which boosted the supply of a key ingredient that aids production.