US Emerges as Top Buyer of Venezuelan Oil Amid Sanctions Relief

The United States has become the top destination for Venezuelan oil exports following Washington's easing of sanctions on the country's oil sector. According to US Energy Under Secretary Kyle Haustveit, about half of Venezuela's oil production is now being exported to the US, with shipments reaching a record high of over 500,000 barrels per day.

The shift in trade is a result of the US relaxing restrictions on Venezuelan crude sales and allowing international energy companies to operate in the country. Haustveit noted that more than 100,000 bbl/d of US naphtha is flowing into Venezuela to dilute heavy crude and boost extraction.

Venezuela's state oil company PDVSA projects that crude production will hit 1.245 million bbl/d by August's close, accompanied by a 19.7% year-to-date increase in exports. The country has also seen a significant increase in US-bound shipments, with approximately 786,000 bbl/d being shipped to the US in July.