Venezuela Oil Exports Surge 14% to 1.23 Million Barrels Per Day, Highest in Over 7 Years
US-Venezuela supply deal and eased sanctions drive record export volumes as PDVSA partners increase sales to US, Europe and Asia
Quick Look
- 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.
AI-generated summary
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 United States, India and Europe, shipping data and documents from state company PDVSA showed on Friday.
The South American country has been draining oil inventories and recovering crude output in recent months following the U.S. capture of President Nicolas Maduro in January, which led to a flagship supply pact between the governments of U.S. President Donald Trump and Venezuela's interim President Delcy Rodriguez.
The agreement, coupled with U.S. licenses easing sanctions on the country, has allowed PDVSA's joint-venture partners and trading houses including Vitol and Trafigura to receive cargoes from the state firm for sales to refiners in the U.S., Europe and Asia.
In April, a total of 66 vessels departed from Venezuelan waters, compared with 61 ships that carried 1.08 million bpd of crude and refined products in March, according to the data, based on tanker movements.
The April average is the highest monthly volume since late 2018, before U.S. sanctions were imposed on Venezuela's energy industry.
