Venezuela Oil Exports Plummet on Reduced Indian Demand

Oil exports from Venezuela plummeted in July due to weaker demand from India. The decrease comes after a pause in the Iran war allowed Middle Eastern barrels trapped in the Persian Gulf to flow freely, reducing Indian appetite for Venezuelan crude.

The slump in oil shipments from Venezuela was a result of decreased demand from India, one of its main customers. Oil exports from Venezuela plunged in July, according to available data. The decrease is attributed to the pause in the Iran war, which allowed Middle Eastern barrels to be released into the market.