Venezuela’s oil exports inched up from April to hit a fresh seven-year high in May as shipments to the United States and India continued to rise.
Venezuela exported an estimated 1.25 million barrels per day (bpd) of oil in May, up by 0.7% compared to April’s 1.23 million bpd exports and a massive 61% jump compared to May 2025, according to ship-tracking and vessel-loading data reviewed by Reuters.
Venezuela has been steadily increasing its oil exports since the U.S. took control over its oil sales following the capture of Nicolas Maduro early this year. The U.S. has eased sanctions on Venezuela’s oil industry and its state oil firm PDVSA, allowed Western firms to return to Venezuelan operations, and has encouraged American companies to sign production and export deals.
The U.S. and India have become major buyers of Venezuela’s oil after the sanctions were dropped and the top international oil traders Vitol and Trafigura were tasked to sell most of the crude to buyers.
As a result, the Venezuelan exports rose for a third consecutive month in May, with shipments to India accounting for the slight increase compared to April.
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Exports in April jumped by 14% from March levels, with 66 cargoes leaving Venezuelan ports during the month, and volumes at their highest since 2019 when the first Trump Administration imposed sanctions on PDVSA and Venezuela’s oil exports.
In May, a total of 67 cargoes carrying Venezuelan crude were exported, according to the data Reuters has reviewed.
The United States remained the top buyer of Venezuela’s crude, taking in about 558,000 bpd in May, followed by India with 427,000 bpd and Europe with 169,000 bpd. Shipments to all three regions rose in May from April levels.
India’s top private refiner, Reliance Industries, has become one of the three biggest buyers of Venezuelan crude as it imported cargoes sold by Chevron, Vitol, and Trafigura, according to the data.
India is importing the highest volumes of Venezuelan crude in six years as it turns to the South American producer amid the Middle East supply crisis.
By Tsvetana Paraskova for Oilprice.com
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