Venezuela's Oil Exports Surge to 1.25 Million Bpd in May

Venezuela's oil exports have seen a steady increase in recent months, reaching 1.25 million barrels per day (bpd) in May. This marks the third consecutive month of growth, with more cargoes being sent to the United States, India, and Europe.

The uptick in exports is attributed to the easing of U.S. sanctions and foreign companies expanding oil and gas projects in Venezuela. The oil ministry has forecast a crude output of 1.37 million bpd by year-end, representing a 22% increase from late 2025 levels.

The growth has allowed Venezuela to resume exports to countries it had not been able to sell its oil to in years. In May, the volume of crude and refined products shipped from Venezuela was 0.7% higher than in April and stood 61% above exports in the same month last year.