Venezuela's oil exports averaged 1.25 million barrels per day in May, marking a third consecutive monthly increase. Shipments primarily went to the US, India, and Europe, up 0.7% from April and 61% year-on-year.
Venezuela's crude exports surged 14% to 1.23 million bpd in April, the highest level since late 2018, driven by increased demand from the US (445,000 bpd), India (374,000 bpd) and Europe (165,000 bpd). The rise follows the January US capture of President Nicolas Maduro and subsequent oil supply arrangement between Trump and interim President Delcy Rodriguez, with trading houses and Chevron handling the majority of shipments.
Venezuela's oil exports rose 14% to 1.23 million barrels per day in April, the highest in over seven years, driven by increased sales to the US, India and Europe following a US-Venezuela supply deal and eased sanctions. The surge helped boost output and clear inventories, with 66 vessels departing Venezuelan waters compared to 61 ships in March.
Venezuela's oil exports rose 14% to 1.23 million barrels per day in April, the highest in over seven years, driven by increased sales to the US, India and Europe following a US-Venezuela supply deal and eased sanctions. The agreement, coupled with US licenses easing sanctions, allowed PDVSA's joint-venture partners and trading houses including Vitol and Trafigura to receive cargoes for sales to refiners. A total of 66 vessels departed from Venezuelan waters in April, up from 61 ships in March, marking the highest monthly volume since late 2018.
