US Venezuela Oil Shipments Hit Seven-Year High Amid Global Decline

Venezuela's oil exports have declined slightly in recent months, despite an increase in shipments to the United States. According to Reuters, Venezuela exported 1.16 million barrels of crude oil daily in July, down from June's 1.2 million barrels daily.

The decline is attributed to lower withdrawals from storage, rather than a decrease in production or demand. In contrast, exports to the US have been on the rise since January, when Washington assumed control of Venezuela's oil industry following President Nicolas Maduro's ousting.

US imports from Venezuela averaged 786,000 barrels daily in July, the highest level since early 2019. This is up from 284,000 barrels daily in January, just after the US took control of the country's oil industry.

However, exports to other destinations, such as India and European countries, have declined in recent months. Global exports have also been impacted, with withdrawals from storage slowing down.