politics
Venezuela Increases Oil Exports to 1.25 Million Barrels per Day
Venezuela's daily oil exports reached 1.25 million barrels in May after rising from under 400,000 barrels in January. Trade shifted toward the United States and India while exports to China declined sharply.
Jun 11, 5:09 PM·1m read1 source
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Venezuela's oil exports rose to approximately 1.25 million barrels per day in May, up from less than 400,000 barrels per day in January, according to data cited in the report. The increase followed the lifting of many U.S. sanctions and new agreements with foreign energy companies. American firms Chevron and Shell have moved to expand production through joint ventures with the state oil company.
India grew from zero barrels per day in January to 427,000 barrels per day in May. The United States and India now receive roughly one million of the 1.25 million barrels exported daily. Exports to China fell from 778,000 barrels per day in November 2025 to a small share of current volumes. Remaining shipments go mainly to Israel, Italy, and the Netherlands.
Chevron reached an agreement to raise output by about 50 percent over two years at its Petroindependencia venture in the Orinoco Oil Belt. The company was already producing 260,000 barrels per day before the new deal. Shell is negotiating to develop the Carito and Pirital fields in eastern Venezuela.
SLB signed a long-term contract to modernize equipment and operations. At least nine drilling rigs have been removed from storage for reactivation, with five more under review.
