Oil well: Venezuela’s crude exports reach highest since 2018 – India, US and other buyers line up –

Venezuelan oil is flowing across the world again, at its fastest pace in more than seven years. In April, the country’s crude oil exports jumped 14% to 1.23 million barrels per day, supported by strong demand from the United States, India and Europe, according to shipping data and internal documents from state-run PDVSA.The sharp rise compared to March came as the South American producing country continued to reduce inventories and rebuild crude oil production after the US arrest of President Nicolas Maduro in January. This development paved the way for a major oil supply agreement between US President Donald Trump and Interim President of Venezuela Delcy Rodriguez.

The agreement, along with US licenses that eased sanctions earlier this year, opened the door for PDVSA partners and major trading companies such as Vitol and Trafigura to transport Venezuelan crude to refineries across multiple global markets, including North America, Europe and Asia, Reuters reported.During April, 66 tankers sailed from Venezuelan ports, up from 61 ships in March, when exports reached 1.08 million barrels per day. The latest monthly figure represents the highest level of Venezuelan exports since late 2018, before US sanctions targeted its oil industry.The United States remained the largest direct destination for Venezuelan crude, importing about 445,000 barrels per day last month, up from 363,000 barrels per day in March. India also increased its purchases, receiving 374 thousand barrels per day compared to 342 thousand barrels per day in the previous month, while exports to Europe rose to about 165 thousand barrels per day from 144 thousand barrels per day.

In addition, 187,000 barrels per day of Venezuelan crude oil and fuel were shipped to storage centers in the Caribbean for later sale.Commercial companies accounted for the largest share of exports in April, transporting approximately 691,000 barrels per day, or 56% of total shipments. Chevron accounted for 308,000 barrels per day, which represents 25% of exports and represents an increase from 267,000 barrels per day in March.India’s Reliance Industries secured a major crude cargo directly from Venezuela’s state oil company and also purchased several additional cargoes through trading companies, according to the data.The supply agreement has helped Venezuela expand its customer base and diversify exports in recent months, easing some of the restrictions created by previous sanctions, although the US Treasury continues to supervise Venezuelan oil revenues through controlled accounts.Reliance’s imports from Venezuela are expected to expand further this month, with at least three supertankers currently chartered by the company lining up to load at Venezuelan ports, according to ship tracking data.Aside from crude oil, Venezuela exported 360,000 metric tons of petroleum byproducts and petrochemicals in April, slightly less than the 382,000 metric tons in March. Meanwhile, naphtha imports fell to 141,000 bpd from 155,000 bpd in the previous month.