Venezuela’s oil exports increased 14% in April, reaching 1.23 million barrels per day (bpd), the highest level in more than seven years, driven by a higher volume of sales to the United States, India and Europe, according to data and documents from the state company PDVSA published on Friday.
The South American country has been draining its oil inventories and recovering crude production in recent months after the capture of President Nicolás Maduro by the United States in January, which led to an important supply agreement between the governments of US President Donald Trump and the president in charge of Venezuela, Delcy Rodríguez.
This agreement, together with the US licenses that relax sanctions against the country, has allowed PDVSA partners and marketing companies, such as Vitol and Trafigura, to receive shipments from the state company for sale to refineries in the United States, Europe and Asia. In April, a total of 66 vessels set sail from Venezuelan waters, compared to 61 that transported 1.08 million barrels a day of crude oil and refined products in March, according to data based on tanker movement.
The April average represents the highest monthly volume since late 2018, before the United States imposed sanctions on the Venezuelan energy industry.
The main destination for Venezuelan oil last month was the United States, with some 445,000 barrels per day exported directly, exceeding the 363,000 barrels per day in March. Exports to India rose to 374,000 barrels a day, up from 342,000 the previous month, while shipments to Europe rose to about 165,000 barrels a day, from 144,000.
Some 187,000 barrels per day of Venezuelan crude oil and fuel were stored in Caribbean terminals for later sale.
Trading companies transported approximately 56% of total exports, or 691,000 barrels per day, while the United States’ Chevron CVX.N accounted for 25%, or 308,000 bpd, an increase from 267,000 bpd in March. Indian refiner Reliance Industries RELI.NS received a large cargo of crude oil directly from PDVSA and bought several from traders, according to the data.
Under the supply agreementVenezuela’s oil exports have diversified and reached more customers in recent months, marking a change from the limitations imposed by previous sanctions. The United States continues to monitor the OPEC member country’s sales revenue through accounts overseen by the Treasury Department.
Sales to Reliance are expected to continue growing this month, with at least three supertankers chartered by the Indian company waiting to load at Venezuelan ports, according to LSEG ship tracking data.
Venezuela also exported 360,000 metric tons of petroleum and petrochemical byproducts in April, down slightly from 382,000 tons the previous month; and imported about 141,000 barrels per day from NAFTA, compared to 155,000 barrels per day in March.
