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Venezuela crude exports dip while U.S. imports hit a seven-year high

Venezuela shipped 1.16 million barrels per day of crude last month, and exports to the United States rose even as deliveries to India and Europe fell in July.

Reported · Written up by our desk · Energy

Venezuela exported 1.16 million barrels of crude oil per day last month, down slightly from June’s 1.2 million barrels per day, Reuters reported via OilPrice, attributing the decline to lower withdrawals from storage.

Despite the overall dip, exports to the United States increased. July exports to Venezuela’s biggest oil destination averaged 786,000 barrels per day, the highest level since early 2019, according to the same report, while U.S. imports from Venezuela have continued climbing after January.

In contrast, exports to other regions weakened in July. OilPrice said shipments to India fell from 277,000 barrels per day to 178,000 bpd, and exports to European importers declined from 99,000 bpd to 82,200 bpd.

OilPrice also noted that global exports were down as storage withdrawals slowed, and that exports of Venezuelan oil since January have generated about $13 billion held by the United States, following the U.S. assumption of de facto control of the country’s oil industry after President Nicolas Maduro’s toppling.

Latest closeWTI crude $80.00 ▼5.5%

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