Venezuela oil exports rise to 1.25 million barrels daily in May

Tuesday 02 June 2026 - 11:23

By: Dakir Madiha

Venezuela oil exports rise to 1.25 million barrels daily in May

Venezuela’s crude oil and fuel exports climbed to 1.25 million barrels per day in May, marking a third consecutive monthly increase. The growth reflects a steady recovery in the country’s energy sector as international buyers expand purchases of Venezuelan crude despite ongoing political and logistical shifts affecting global supply chains.

The United States remained the largest destination for Venezuelan oil, importing 558,000 barrels per day. India followed with 427,000 barrels per day, while Europe received 169,000 barrels per day. All three destinations increased their intake compared with April. In total, 67 cargoes departed Venezuelan ports during the month, with export volumes standing 61 percent higher than the same period last year.

India’s rising dependence on Venezuelan crude accelerated after disruptions in Middle Eastern supply routes. The closure of the Strait of Hormuz in early March, following military tensions involving Iran, sharply reduced normal shipping flows through one of the world’s most critical energy corridors. Refiners in India turned toward alternative suppliers, with major processors expanding direct procurement of Venezuelan barrels. Reliance Industries played a central role after securing a general license allowing direct purchases and loading cargoes from the José terminal operated by PDVSA.

The export surge also reflects a broader rebound in Venezuela’s oil industry. The sector has regained momentum following major political changes earlier in the year, alongside adjustments in international sanctions that opened space for foreign operators. The energy ministry forecasts crude production reaching 1.37 million barrels per day by the end of the year, up from 1.12 million barrels per day previously. Trading houses including Vitol and Trafigura also increased shipments, while deliveries to Caribbean storage hubs fell sharply, signaling stronger direct demand from refiners for heavier Venezuelan grades.