Key facts
- Venezuela's crude oil exports averaged 1.16 million barrels per day in July.
- Exports to the United States reached 786,000 barrels per day in July, a seven-year high.
- Shipments to India and European countries decreased during the same period.
- Approximately $13 billion in revenue from Venezuelan oil has been generated since January and is held by the U.S.
Venezuela's crude oil exports saw a slight decrease in July, averaging 1.16 million barrels per day, down from 1.2 million barrels per day in June. This decline is attributed to slower withdrawals from storage facilities. Despite the overall dip, exports to the United States, Venezuela's primary oil market, surged to an average of 786,000 barrels per day in July, marking the highest level since early 2019. U.S. imports have been on a consistent upward trend since January.
Conversely, exports to other key destinations, including India and European countries, experienced a reduction in July. Shipments to India fell from 277,000 to 178,000 barrels per day, while exports to Europe decreased from 99,000 to 82,200 barrels per day.
Since January, Venezuelan oil exports have generated approximately $13 billion, which is currently held by the United States. This situation has led to controversy and scrutiny regarding the control and utilization of these funds, with critics questioning the lack of transparency and the absence of evidence of economic recovery in Venezuela. Congress Democrat Joaquin Castro has accused the Trump administration of controlling these revenues without adequate oversight.