Venezuela’s oil exports have seen a steady rise, reaching 1.25 million barrels per day (bpd) in May, marking the third consecutive month of growth. This increase is largely attributed to the easing of U.S. sanctions and the expansion of foreign oil and gas projects in the country. The interim government, supported by the United States, under President Delcy Rodriguez, has facilitated this growth.

Increased Exports to Key Regions

The United States emerged as the primary destination for Venezuelan oil, receiving approximately 558,000 bpd. India followed with 427,000 bpd, and Europe with 169,000 bpd. This marks a significant increase in exports compared to the previous month, with a total of 67 cargoes exported in May.

The Venezuelan oil ministry has projected a crude output of 1.37 million bpd by the end of the year, which would represent a 22% increase from the 1.12 million bpd recorded in late 2025. This level of production has not been seen since before U.S. energy sanctions were first imposed in 2019.

Impact on Global Oil Markets

The increase in Venezuelan oil exports has allowed the country to resume trade with nations it had previously been unable to reach due to sanctions. The rise in demand for Venezuela’s heavy crude grades and residual fuel is evident as exports to Caribbean storage terminals decreased to 58,000 bpd from 187,000 bpd the previous month.

Chevron, a major joint venture partner with Venezuela’s state oil company PDVSA, saw a decrease in its crude exports from the country, dropping to 269,000 bpd in May from 308,000 bpd in April. Meanwhile, global traders such as Vitol and Trafigura increased their shipments from Venezuela to 787,000 bpd, up from 691,000 bpd in April.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.