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.