Venezuela Oil Exports Hit Seven-Year High

Venezuelan oil exports rose sharply in April, reaching their highest level in more than seven years. According to available data, shipments increased by 14% to about 1.23 million barrels per day (bpd), driven mainly by stronger demand from the United States, India and Europe.

The increase was largely due to the easing of US sanctions and a new supply agreement that gave Venezuela greater access to global markets.

Trading firms and companies such as Chevron, which distribute Venezuelan oil to different regions, are also playing a significant role. The rise in exports was made possible by an agreement between Washington and Caracas after a US military operation in January that captured President Nicolás Maduro.

The structure of exports is also changing, with Venezuela diversifying its customers and reducing its dependence on a single market. The trend appears to point to a gradual recovery of the country’s oil sector, which has been weakened for years by sanctions and falling production.

(reuters, mja)