Venezuela's Oil Exports Surpass 1 Million Bpd Amid Increased Sales
Venezuela's oil exports have surpassed 1 million barrels per day for the first time in six months, according to shipping data. The increase is attributed to sales to refiners in India and shipments by trading houses to the Caribbean for storage.
The agreement between Caracas and Washington in January has allowed for increased oil sales, with trading houses Vitol and Trafigura handling most of the sales. U.S. major Chevron has also increased exports, sending 267,000 bpd of Venezuelan crude to the U.S.
Since the agreement was made, Venezuela's oil sales have been rising steadily. In March, a total of 60 vessels departed from Venezuela carrying 1.09 million bpd of crude and fuel, and some 360,000 metric tons of petrochemicals and oil byproducts.