Venezuela Oil Exports Surge to 1.25 Million Bpd in May

Venezuela's oil exports have seen a steady increase in recent months, with May seeing a slight rise to 1.25 million barrels per day (bpd). According to shipping data, this marks the country's third consecutive month of growth.

The boost is largely attributed to increased shipments to the United States, India, and Europe, which have been major destinations for Venezuelan oil in recent months. The US was the largest recipient, taking in 558,000 bpd, followed by India with 427,000 bpd and Europe with 169,000 bpd.

The growth in exports has been fueled by a combination of factors, including relaxed sanctions from the US and increased investment from foreign companies. This has allowed Venezuela to resume exports to countries it had previously struggled to sell to.