Key facts
- Venezuela's crude oil exports were 1.16 million barrels per day in July.
- Venezuela's crude oil exports were 1.2 million barrels per day in June.
- Exports declined slightly in July due to slower withdrawals from storage.
- Exports to the United States reached a seven-year high in July.
Venezuela's crude oil exports experienced a marginal decline in July, falling to 1.16 million barrels per day. This represents a decrease from the 1.2 million barrels per day recorded in June. The slowdown in exports is primarily attributed to a reduction in the rate at which oil is being withdrawn from storage. Concurrently, Venezuela's oil exports to the United States have reached their highest level in seven years. This surge in U.S. shipments suggests a notable redirection of Venezuelan crude to the American market, even as overall export volumes show a slight contraction.