Venezuela Oil Exports Plunge 25% Amid Iran War Pause

Venezuela's crude oil exports plummeted to 856,000 barrels per day in July, marking a five-month low and a 25% decline from June levels. This significant drop is attributed to lower shipments to India, which fell by half following the pause in the Iran war.

The Iran conflict has eased supply-chain disruptions through workarounds and alternative shipping routes, allowing oil prices to fall on Monday after US President Donald Trump halted strikes on Iran to allow peace negotiations to move forward.

China was previously the top purchaser of Venezuelan oil but has not bought any barrels from the country since Nicolas Maduro's removal earlier this year. The US and India remain the largest buyers of Venezuelan crude last month.