Venezuelan Oil Exports Surge After U.S. Lifts Sanctions

Venezuelan oil exports soared to 800,000 barrels per day in January following the lifting of a U.S. blockade imposed on the country. This move comes after the capture of Nicolas Maduro and has revitalized Venezuela's oil production and export operations, with increased licenses fostering new trade routes.

Venezuelan oil exports surged to approximately 800,000 barrels per day in January, a significant uplift from December's 498,000 barrels, according to shipping data. This increase followed the capture of President Nicolas Maduro and the subsequent lifting of a U.S.-imposed oil embargo.

The blockade had led to a build-up of over 40 million barrels of crude and fuel that could not be exported, forcing a cut in the country's production. However, the U.S. Treasury Department granted licenses to traders like Trafigura and Vitol, triggering a revival in oil production and export operations.

U.S. companies, particularly Chevron, have become major recipients of Venezuelan oil, with traders exporting significant volumes under U.S. licenses. Despite this progress, challenges remain as millions of barrels are still in storage waiting for shipment under an agreed supply deal with Washington.

(With inputs from agencies.)