Venezuela’s oil exports hit 7-year high on US, India demand

Venezuela’s oil exports surged in April to their highest level in more than seven years, as increased shipments to the United States, India, and Europe underscored a steady recovery in the country’s energy sector following recent geopolitical shifts.

According to shipping data and internal documents from state oil company PDVSA, exports rose 14% month-on-month to 1.23 million barrels per day (bpd), marking the strongest monthly performance since late 2018.

The rise reflects both higher crude output and the continued unwinding of inventories accumulated during earlier sanctions-related disruptions.

Exports climb to multi-year high

A total of 66 vessels departed Venezuelan waters in April, up from 61 ships in March, highlighting increased shipping activity as global demand for the country’s crude strengthened.

The gains were driven in part by expanded sales to refiners in the United States, alongside continued flows to India and Europe.

The improvement follows a supply agreement reached earlier this year between Washington and Caracas under US oversight, which eased restrictions on Venezuelan oil exports.

The agreement, coupled with US licenses, has enabled trading houses such as Vitol and Trafigura to resume handling cargoes from PDVSA, directing shipments to key international markets.

Venezuela’s export recovery also comes amid broader disruptions in global oil supply, particularly linked to geopolitical tensions in the Middle East, which have tightened markets and increased demand for alternative crude sources.

March rebound laid groundwork for April surge

April’s strong performance builds on a notable rebound in March, when exports first surpassed the 1 million bpd mark after several months below that level.

In March, Venezuela shipped around 1.08–1.09 million bpd of crude and refined products, supported by increased purchases from India and shipments to the Caribbean for storage.

A total of 60 vessels departed the country during the month, carrying both crude and approximately 360,000 metric tons of petrochemicals and byproducts.

The recovery from February levels—when exports averaged about 737,000 bpd—was driven by rising production and efforts by trading firms and partners to drain accumulated inventories.

Chevron also played a role in boosting shipments, with exports from its joint ventures increasing during the period.

The arrival of larger tankers, particularly those bound for India, helped accelerate loading operations at Venezuela’s main oil terminal, further supporting export growth.

Sanctions relief and output recovery support outlook

The recent surge in exports reflects a broader turnaround in Venezuela’s oil sector following years of sanctions and declining production.

The January agreement between the US and Venezuela’s interim government, alongside the capture of President Nicolás Maduro, marked a turning point by reopening access to key markets and enabling foreign partners to re-engage in the country’s energy industry.

Since then, Venezuela has been steadily increasing crude output while reducing stockpiles, allowing more barrels to reach international buyers.