Venezuela Oil Exports Surge Post-Sanctions

Venezuela's oil exports surged by 14% in April to 1.23 million barrels per day, marking the highest volume in over seven years. This increase is primarily attributed to a supply pact between the United States and Venezuela, following the U.S. capture of President Nicolás Maduro in January, and subsequent U.S. licenses easing sanctions on the country. The United States became the largest direct destination for Venezuelan crude, followed by India and Europe. Trading houses like Vitol and Trafigura, along with Chevron Corporation, played a significant role in facilitating these exports. Indian refiner Reliance Industries also increased its purchases, with further growth expected. The U.S. Treasury Department continues to supervise Venezuela's oil revenues through controlled accounts.