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Venezuela Oil Exports Surge to Seven-Year High
May 1, 20261 min readMarineLink News

Venezuela Oil Exports Surge to Seven-Year High

Venezuela's oil exports have surged to a seven-year high in April, driven by increased sales to key markets such as the US, India and Europe.

The South American country has been recovering crude output following the capture of President Nicolas Maduro in January.

This recovery has been fueled by a flagship supply pact between the governments of US President Donald Trump and Venezuela's interim President Delcy Rodriguez.

The agreement has allowed PDVSA's joint-venture partners and trading houses to receive cargoes for sales to refiners in the US, 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.

The main destination of Venezuela's oil last month was the US, with some 445,000 bpd directly exported.

Exports to India rose to 374,000 bpd from 342,000 bpd the previous month, while shipments to Europe increased to some 165,000 bpd.

This shift in sales is a result of the easing of US sanctions on Venezuela's energy industry this year.

The recovery of oil production has significant implications for the global energy market and the economy of Venezuela.

EazyInWay Expert Take

The easing of US sanctions has allowed PDVSA's joint-venture partners and trading houses to receive cargoes for sales to refiners in the US, Europe and Asia.

venezuela oil exportsus sanctionsopecenergy industry
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