Venezuela's Oil Exports Jump to Highest Since 2018, with More Sales to US, India
Shipping data and PDVSA documents showed 66 cargoes leaving Venezuelan ports as sales expanded to the United States, India and Europe.
- On Friday, Venezuela's oil exports rose 14% to 1.23 million barrels per day in April, marking the highest level in more than seven years, according to shipping data and documents from state company PDVSA.
- Since the January capture of Nicolas Maduro and installation of an interim government, Washington has eased sanctions and taken control of Venezuelan oil sales, encouraging increased exports to the United States, India, Europe, and Asian markets.
- Exports climbed 14% from March levels, with 66 cargoes leaving Venezuelan ports during April compared to 61 vessels carrying about 1.08 million barrels per day in the prior month.
- International firms including Chevron, Eni, and Repsol are expanding operations, while new agreements signed this week with U.S. firms Hunt Overseas and Crossover Energy target the Orinoco Belt, Venezuela's heavy crude region.
- Rebuilding infrastructure will require tens of billions of dollars over several years, as Venezuela transitions from an isolated producer while current production relies on inventory and incremental output gains.
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Venezuela's crude oil exports increased for the third consecutive month, exceeding a million barrels a day in April and showing a rapid recovery less than six months after U.S. special forces entered Venezuelan territory to capture President Nicolás Maduro.The shipments have recovered at an accelerated rate since the United States took measures to control Venezuela's oil sales earlier this year. April's exports skyrocketed to 1.16 million barrel…
Venezuela Oil Exports Hit 7-Year High as U.S., India, Europe Ramp Up Buying
Venezuela's oil exports rose 14% to 1.23 million barrels per day in April, the highest in more than seven years, fueled by more sales to the United States, India and Europe, shipping data and documents from state company PDVSA showed on Friday.
Shipments reached 1.23 million barrels per day, driven by higher sales to the US, India, and Europe.
Venezuela Oil Exports Hit Seven-Year High
Venezuela’s oil exports rose to 1.23 million barrels per day (bpd) in April, the highest level since 2018, as shipments to the United States, India, and Europe accelerated. Exports climbed 14% from March levels, according to shipping data and PDVSA documents, with 66 cargoes leaving Venezuelan ports during the month. That compares with 61 vessels in March carrying about 1.08 million bpd. Since the January capture of Nicolas Maduro and the instal…
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