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Venezuela oil exports rise to 1.25M bpd in May

Created at 1 Jun · 5:00 PM12 sources↑ Market-relevant8 events
IN SHORT

Venezuela's oil exports increased to 1.25 million barrels per day in May, marking the third consecutive monthly rise. This surge, up 61% from May last year, is driven by increased shipments to the U.S. and India, with production also rising to 1.155 million bpd.

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Key Numbers

1.25 million bpdVenezuela oil exports in May
1.155 million bpdVenezuela production in May
558,000 bpdU.S. oil imports from Venezuela in May
427,000 bpdIndia oil imports from Venezuela in May
169,000 bpdEurope oil imports from Venezuela in May
58,000 bpdCaribbean oil storage shipments from Venezuela in May
67total cargoes exported from Venezuela in May
0.7%increase in volume shipped from April to May
61%increase in exports compared to May last year
269,000 bpdChevron crude exports in May
787,000 bpdglobal traders' shipments from Venezuela in May

Who's Involved

Venezuela
country with rising oil exports and production
United States
largest destination for Venezuelan oil imports
India
second largest destination for Venezuelan oil imports
Europe
recipient of Venezuelan oil shipments
PDVSA
state oil company of Venezuela
Chevron
U.S. oil company and PDVSA joint venture partner
Vitol
global trader increasing shipments from Venezuela
Trafigura
global trader increasing shipments from Venezuela
Venezuela oil exports rise to 1.25M bpd in May

↳ Why This Matters

Rising Venezuelan oil exports can contribute to global supply, potentially influencing international crude oil prices and impacting energy markets. The destinations of these exports also reflect evolving geopolitical and trade relationships.

Key facts

  • Venezuela's oil exports reached 1.25 million barrels per day in May.
  • This marks the third consecutive month of increase in Venezuelan oil exports.
  • Venezuela's oil production rose to 1.155 million barrels per day in May.
  • The U.S. imported 558,000 bpd of Venezuelan oil in May.
  • India imported 427,000 bpd of Venezuelan oil in May.
  • Europe received 169,000 bpd of Venezuelan oil in May.

Venezuela's oil production and export levels are closely watched due to their potential impact on global oil supply and prices. The country has faced significant challenges in maintaining its oil output, but recent data suggests a partial recovery, partly due to eased U.S. sanctions and expanded foreign projects. The destinations of these exports can indicate shifts in global energy demand and geopolitical relationships. Venezuela's interim President Delcy Rodriguez will visit India from June 3 to June 7 for talks covering energy, trade, and investment.

Frequently asked questions

Venezuela's oil exports reached 1.25 million barrels per day in May, marking a slight increase and the third consecutive month of growth.

The U.S. was the largest destination, importing approximately 558,000 barrels per day of Venezuelan oil in May.

India imported approximately 427,000 barrels per day of Venezuelan oil in May.

The oil ministry has forecast a crude output of 1.37 million bpd by year-end.

What Happens Next

01Oil ministry forecasts crude output of 1.37 million bpd by year-end.
02Venezuela's interim President Delcy Rodriguez to discuss energy cooperation with India from June 3-7.

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How It Developed

2 Jun · 11:20 AM
Venezuela's President visits India to discuss energy cooperation amid increased oil imports.
Reuters via PiQSuite
2 Jun · 11:20 AM
Venezuela's interim President will visit India June 3-7 to discuss energy cooperation.
PiQSuite
1 Jun · 10:18 PM
Article details May crude exports to US (17M barrels) and production (1.155M b/d), noting China's continued absence.
@SPGEnergyOil via PiQSuite
1 Jun · 5:19 PM
The article restates Venezuela's May oil exports of 1.25 million bpd, citing shipping data.
@staunovo via PiQSuite
1 Jun · 4:53 PM
Venezuela's oil exports averaged 1.25 million barrels per day in May, with significant volumes sent to the U.S. and India.
@FirstSquawk via PiQSuite

Sources

T1
VENEZUELA'S OIL EXPORTS HIT 1.25 MILLION BPD IN MAY, WITH 558,000 BPD GOING TO THE U.S., 427,000 BPD TO INDIA, AND 58,000 BPD TO THE CARIBBEAN FOR STORAGE, ACCORDING TO SHIPPING DATA.@FirstSquawk via PiQSuite
T1
#Venezuela's oil exports rose to 1.25 million bpd in May, shipping data shows #oott https://t.co/rexx5wluYF@staunovo via PiQSuite
T1
Venezuela's oil exports rose to 1.25 million bpd in May, shipping data showsm.piqsuite.com
T1
US crude exports hit record high in May as Iran war tightens global oil suppliesm.piqsuite.com
T1
Venezuela crude exports to US, India rise in May as output climbs ▪️Venezuela exports to US rose to 17 million barrels ▪️China remains absent for fifth straight month ▪️Production climbs to 1.155 million b/d 🖥️Full story: https://t.co/9PEQl7GVWU https://t.co/kbNbn99WTD@SPGEnergyOil via PiQSuite
T1
Venezuela's oil exports rose to 1.25 million bpd in May, shipping data showsm.piqsuite.com
T1
Venezuela's oil exports rose to 1.25 million bpd in May, shipping data showsm.piqsuite.com
T1
#Venezuela crude exports to US, India rise in May as output climbs #oott https://t.co/YXdTSZ5diL@staunovo via PiQSuite
T1
Venezuela's Rodriguez to discuss energy ties during India visit from June 3-7m.piqsuite.com
T1
Venezuela Oil Exports Hit 7-Year Highm.piqsuite.com
T1
Venezuela's oil exports rose to 1.25 million bpd in May, shipping data showsm.piqsuite.com
T1
Venezuela's Rodriguez to discuss energy ties during India visit from June 3-7m.piqsuite.com

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