Venezuela's oil exports fell nearly 9% in September. They averaged 1.08 million barrels per day (bpd), down from 1.19 million bpd in August.
A sharp increase in global tanker and freight costs eroded oil traders' profit margins.
In response to higher shipping expenses, major commodity trading houses Vitol and Trafigura demanded steeper price discounts from state-run oil company PDVSA. The demands stalled negotiations, delayed shipments and led to tanker rerouting.
Despite the overall drop, exports to the United States increased. Shipments to Europe and India declined significantly.