Key facts
- Venezuela's oil exports reached a seven-year high in May, totaling 1.25 million barrels per day.
- This represents a 61% increase compared to May of the previous year.
- Shipments to the United States and India have risen, with the U.S. being the top buyer.
- U.S. sanctions on Venezuela's oil industry have been eased, allowing Western firms to return to operations.
- India is importing the highest volumes of Venezuelan crude in six years.
Venezuela's oil exports reached a seven-year high in May, with an estimated 1.25 million barrels per day (bpd) shipped, a slight increase from April and a significant 61% jump from May of the previous year. This surge is largely due to eased U.S. sanctions on Venezuela's oil industry and its state oil firm, PDVSA, which has allowed Western firms to resume operations and sign export deals. The United States remains the top buyer, importing approximately 558,000 bpd in May, followed by India with 427,000 bpd. India's imports are at their highest in six years, with Reliance Industries being a major buyer. Europe imported 169,000 bpd. International traders Vitol and Trafigura are handling most of the crude sales. The total number of export cargoes in May was 67, with volumes reaching their highest since 2019.