Venezuela's Oil Exports Rise to 1.25 Million Bpd in May on Strong US, India Demand

Venezuela's crude and refined product exports climbed to 1.25 million barrels per day in May, a third consecutive monthly increase, driven by stronger shipments to the U.S., India and Europe, according to shipping data released June 1. The May volume was 0.7% higher than April and 61% above the same month last year, based on tanker movements and records from state oil company PDVSA. The U.S. remained the top destination, taking 558,000 bpd, followed by India at 427,000 bpd and Europe at 169,000 bpd. All three regions increased imports from Venezuela in May. Chevron’s crude exports from its Venezuelan joint ventures fell to 269,000 bpd from 308,000 bpd in April, while global trading houses Vitol and Trafigura boosted shipments to 787,000 bpd from 691,000 bpd. India's Reliance Industries was a major direct and indirect buyer. Venezuela's oil ministry targets year-end output of 1.37 million bpd, a level not seen since U.S. sanctions were imposed in 2019.