Venezuela's Oil Exports Surge Post-U.S. Blockade Ending

Venezuela's oil exports rose to 800,000 barrels per day in January, up from 498,000 bpd in December. This increase followed the U.S. capture of President Nicolas Maduro and the lifting of the oil blockade. The U.S. became the main destination for Venezuelan crude, with major exports led by Chevron.

In a significant development, Venezuela's oil exports soared to approximately 800,000 barrels per day (bpd) in January, marking a notable increase from the 498,000 bpd recorded in December. This surge followed the U.S. capture of Venezuelan President Nicolas Maduro and the subsequent lifting of the oil blockade, which had previously hindered exports.

The United States reestablished its position as Venezuela's primary crude destination, receiving about 284,000 bpd. Notably, U.S. oil giant Chevron played a pivotal role, shipping 220,000 bpd, a substantial rise from the previous month's 99,000 bpd. Trading firms Vitol and Trafigura also contributed to the export boost, each responsible for the transport of approximately 12 million barrels of Venezuelan crude and fuel oil under U.S. licenses.

Most of these exports were dispatched to storage facilities in the Caribbean, from where they were further marketed to countries including the U.S., Europe, and India, as indicated by the latest shipping data. The resumption and increase of oil exports mark a crucial turn for Venezuela's oil sector, following years of strict international restrictions.

(With inputs from agencies.)