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Venezuela’s oil exports accelerated in April, rising 14% to 1.23 million barrels per day (bpd), according to transport data and documents from PDVSA reviewed by Reuters. The increase marked the highest monthly export volume in more than seven years.
Reuters reported that the acceleration was driven by export cargoes being pushed to the United States, India and Europe. In parallel, Venezuela’s oil inventories have fallen rapidly in recent months, while crude production has rebounded after the United States began efforts earlier this year to remove President Nicolas Maduro.
After Maduro was arrested and extradited to the United States by U.S. forces, Washington reached an oil-supply agreement with the interim Venezuelan government led by President Delcy Rodríguez. The agreement, along with U.S. permission to ease sanctions on Venezuela this year, has enabled PDVSA’s joint venture partners and trading companies such as Vitol and Trafigura to receive cargoes from PDVSA for sale to refineries in the United States, Europe and Asia.
In April, 66 ships departed Venezuelan waters, compared with 61 ships that carried 1.08 million bpd of crude oil and refined products in March. Venezuela’s average oil exports in April were the highest monthly volume since late 2018, before U.S. sanctions on the oil sector.
The main destinations for Venezuela’s oil in April were the United States, with about 445,000 bpd exported directly, up from 363,000 bpd in March. Exports to India increased to 374,000 bpd from 342,000 bpd the previous month, while shipments to Europe rose to about 165,000 bpd from 144,000 bpd in March.
Also in April, about 187,000 bpd of crude oil and fuels were moved to storage depots in the Caribbean for resale.
Trading houses accounted for about 56% of total oil exports in April, or 691,000 bpd. U.S. company Chevron accounted for 25% of exports, or 308,000 bpd, compared with 267,000 bpd in March.
India’s Reliance Industries received a large shipment of crude directly from PDVSA and also bought several lots of Venezuelan crude from trading companies in April.
Under the oil-supply agreement between Venezuela and the United States, Venezuela’s exports have become more diversified, reaching more customers in recent months—reflecting a shift from restrictions under earlier U.S. sanctions.
On the U.S. side, the United States continues to monitor revenue from Venezuela’s oil exports, with oversight through accounts managed by the U.S. Treasury.
Delivery of oil from Venezuela to Reliance is expected to continue growing in May, with at least three very large crude carriers chartered by the Indian company waiting to load at Venezuelan ports.
Venezuela also exported 360,000 tonnes of petroleum products and chemicals in April, slightly below 382,000 tonnes in March. The country imported about 141,000 barrels per day of naphtha, compared with 155,000 bpd in March.
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