Venezuela Crude Exports Surge Past 1 Million Bpd in March

Venezuela's oil exports have surpassed 1 million barrels per day (bpd) for the first time in six months, according to shipping data. The increase is largely due to sales to refiners in India and shipments by trading houses to the Caribbean for storage.

The agreement between Caracas and Washington in January allowed Venezuelan President Nicolas Maduro's government to supply crude and fuel to the US under U.S. oversight. This has enabled trading houses Vitol and Trafigura to handle most of the sales, with Chevron also increasing exports.

March saw a total of 60 vessels depart from Venezuela carrying 1.09 million bpd of crude and fuel, as well as some 360,000 metric tons of petrochemicals and oil byproducts.