Venezuela Oil Exports Hit Seven-Year High in May While U.S. Oversees Sales
Venezuela exported 1.25 million barrels per day in May, up 0.7 percent from April and 61 percent from a year earlier. The United States eased operating licenses the week before June 15.
france24.comCom. 23 million barrels per day. Exports were also 61 percent higher than the 775,000 barrels per day recorded in May 2025.
The United States, India, and Europe were the main buyers of Venezuelan crude in May. com reported that shipments have risen steadily since the United States took control of Venezuela’s oil sales after the capture of Nicolas Maduro early in 2026. The United States eased several key general licenses for operations in Venezuela the week before June 15, 2026.
The new guidance permits additional activity in oil, gas, and minerals extraction while sanctions on PDVSA remain in place. Vitol and Trafigura were tasked with marketing most of Venezuela’s crude to international buyers. SLB signed a long-term framework agreement with PDVSA to support modernization, digitalization, and production growth.
The memorandum of understanding covers exploration, field development, production, digital enablement, and workforce training. SLB chief executive officer Olivier Le Peuch said the agreement builds on continuity with PDVSA and sets a path to strengthen operational excellence and develop skills that will sustain performance for years to come.
Venezuela’s oil production remains one-third of its peak level of 3 million barrels per day from more than a decade ago.
Com noted that analysts expect output to continue rising through 2026 and 2027 as international investment and operating licenses expand.
