David Voght, managing director of IPD Latin America: “It is probably too early to adequately measure Tellechea’s performance. The new PDVSA president’s efforts to audit crude exports are more than reasonable, particularly given the need to mitigate economic damage caused by the disproportionate deployment of phantom traders in recent years. There is no evidence that stricter export policies alone have stalled shipments. Export trends are best measured over a longer period to allow for the accurate calculation of loading dates and the impact of external market factors, like Chinese import quotas, for example. Venezuela loaded 486 thousand barrels per day (kb/d) of crude in February, just 40 kb/d below the last 12-month average. Over time, crude output may be a better measure of Tellechea’s performance. In February, production, boosted by the PetroBoscan joint venture, stood at 738 kb/d, including condensate, which was slightly above the last 12-month average. Tellechea has made significant changes to…”