Venezuela's oil exports rose 14% to 1.23 million barrels per day in April, the highest in more than seven years, fueled by stepped-up sales to the United States, India and Europe, according to shipping data and documents from state company PDVSA. The figures, reviewed on Friday, mark the strongest export month for the South American producer since 2018.
The country has been drawing down inventories and recovering crude output in recent months following the U.S. capture of President Nicolas Maduro in January. That development paved the way for a flagship supply pact between the administrations of U.S. President Donald Trump and Venezuela's interim President Delcy Rodriguez, restoring legal export channels.
The agreement, paired with U.S. licenses easing sanctions this year, allowed PDVSA's joint-venture partners and global trading houses including Vitol and Trafigura to lift cargoes for refiners across the U.S., Europe and Asia. Crude previously held in floating storage by the so-called dark fleet is gradually shifting back to transparent commercial routes.
For the tanker market, the Venezuelan rebound provides timely Atlantic-basin supply just as the Hormuz blockade pinches Persian Gulf liftings. Brokers report tightening VLCC and Aframax demand on Caribbean-India and Caribbean-Mediterranean corridors, with rates firming in sympathy with the redrawn trade flows.
PDVSA's loadings show the United States, India and Spain among top destinations, with Reliance Industries joining Vitol and Trafigura in April liftings. With production climbing past 1 million bpd, Venezuela is emerging as one of the few non-OPEC+ swing barrels capable of partially offsetting Persian Gulf disruptions.
Key Takeaways:
1. Venezuela's April oil exports rose 14% to 1.23 million bpd, the highest in over seven years.
2. Top buyers were the US, India and Europe; Vitol, Trafigura and Reliance led April cargoes.
3. The Trump-Rodriguez supply pact, signed after Maduro's January capture, reopened export channels.
4. US licenses easing sanctions allowed PDVSA's JV partners to deliver to global refiners.
5. With Hormuz disrupted, Atlantic-basin tankers see firmer demand on Caribbean-India and Caribbean-Med corridors.
